JUMBO S.A. GROUP OF COMPANIES

REG No. 7650/06/B/86/04- G.E.MI. No. 121653960000 Cyprou 9 & Hydras Street, Moschato Attikis

SIX-MONTH FINANCIAL REPORT For the period from 1 January 2022 to 30 June 2022 (According to Article 5, Law 3556/2007)

Page

I.		Statements of the members of the Board of Directors (according to Law 3556/2007) 4
		II. Review Report on Interim Financial Information 5
III.		Six- month Board of Directors' Report 7
IV.		Condensed Interim Separate and Consolidated Financial Statements for the financial period
		01.01.2022-30.06.2022 21
A.		CONDENSED INTERIM INCOME STATEMENT OF H1 21
B.		CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME OF H1 22
C.		CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION 23
D.		CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY - CONSOLIDATED 24

E.		CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY OF THE PARENT - COMPANY 26
F.		CONDENSED INTERIM STATEMENT OF CASH FLOWS 28

G.		SELECTED EXPLANATORY NOTES TO THE INTERIM SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS AS AT 30 JUNE 2022 29

1.		Information 29
2.		Company's Activity 29
3.		Framework for the Preparation of Financial Statements 30
	3.1.	Changes in Accounting Policies 31
	3.1.1	New Standards, Interpretations, Revisions and Amendments to existing Standards that are
		effective and have been adopted by the European Union. 31
	3.1.2	New Standards, Interpretations and amendments to existing Standards which have not been applied yet or have not been adopted by the European Union 31
	3.2.	The Group Structure and method of consolidation 33

4.	4.1	Notes to the Financial Statements 35 Segment Reporting 35
	4.2	Distribution and Administrative Expenses 37
	4.3	Other operating income and expenses 38
	4.4	Income tax 38
	4.5	Earnings per share 39
	4.6	Property, plant and equipment and right of use assets 39
	4.7	Investment property (leased properties) 43
	4.8	Investments in subsidiaries 44
	4.9	Financial instruments per category 45
		4.9.1 Financial instruments at fair value through other comprehensive income 47
		4.9.2 Fair value of financial instruments 48
	4.10	Other long term receivables 49
	4.11	Trade debtors and other trade receivables 49
	4.12	Other receivables 50
	4.13	Other current assets 50
	4.14	Long term and short term restricted bank deposits 50
	4.15	Other current financial assets 51
	4.16	Cash and cash equivalents 51
	4.17	Equity 51
		4.17.1.Share capital 51
		4.17.2 Share Premium and other reserves 52

	4.18	Long term loan liabilities 54
	4.19	Long and Short term lease liabilities 54
	4.20	Other long term liabilities 55
	4.21	Deferred tax liabilities 55
	4.22	Trade and other payables 57
	4.23	Current tax liabilities 57
	4.24	Other short term liabilities 57
	4.25	Cash flows from operating activities 57
	4.26	Contingent Liabilities / Contingent Assets 58
	4.27	Unaudited fiscal years by tax authorities 59
5.		Transactions with related parties 60
6.		Fees to members of the Board of Directors 62
7.	Lawsuits and litigations 62
8.	Number of employees 62

9.		Seasonal fluctuation 63
10.		Significant events during the period 01.01.2022-30.06.2022 63

I. Statements of the members of the Board of Directors (according to Law 3556/2007)

The following members of the Board of Directors of "JUMBO SA":

1. Apostolos Evangelos Vakakis, President of the Board of Directors
1. Dimitrios Kerameus, Vice-Chairman of the Board of Directors
1. Konstantina Demiri, Chief Executive Officer

in our above capacity, specifically appointed for this purpose by the Board of Directors of "JUMBO SA" (henceforth referred to as "the Company") we declare and certify that, as far as we know:

a. The six-month separate and consolidated condensed interim financial statements of "JUMBO S.A." for the period 01.01.2022-30.06.2022, which were prepared according to the applicable International Financial Reporting Standards, provide a true and fair view of the assets and liabilities, the equity and the financial results of the Group and of the Company, as well as of the companies included in the consolidation as aggregate, according to the provisions of par. 3 - 5 of article 5 of L.3556/2007 and the authorizing decisions of the Board of Directors of the Hellenic Capital Market Commission.
b. The six-month Board of Directors Report presents in a true and fair way the information required according to par. 6 of article 5 of L.3556/2007 and the authorizing decisions of the Board of Directors of the Hellenic Capital Market Commission.

Moschato, September 16th, 2022 The designees

Apostolos - Evangelos Vakakis	Dimitrios Kerameus	Konstantina Demiri
President of the Board of Directors	Vice-President of the Board of Directors	Chief Executive Officer

ΙΙ. Independent Review Report

To the Board of Directors of JUMBO S.A.

Review Report on Interim Financial Information

Introduction

We have reviewed the accompanying condensed separate and consolidated statement of financial position of JUMBO SA as at 30 June 2022 and the relative condensed separate and consolidated statement of profit or loss and comprehensive income, changes in equity and cash flows for the six-month period then ended, as well as the selected explanatory notes, that comprise the interim financial information, which forms an integral part of the six-month financial report under Law 3556/2007.

Management is responsible for the preparation and fair presentation of this condensed interim financial information, in accordance with the International Financial Reporting Standards, as adopted by the European Union and apply for interim financial reporting (International Accounting Standard "IAS 34"). Our responsibility is to express a conclusion on this condensed interim financial statements based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410 (ISRE) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Auditing Standards, as incorporated into the Greek legislation, and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with International Accounting Standard "IAS 34".

Report on Other Legal and Regulatory Requirements

Based on our review, we did not identify any material misstatement or error in the representations of the members of the Board of Directors and the information included in the six-month Board of Director's Management Report, according to article 5 and 5a of L. 3556/2007, in respect of the accompanying condensed interim separate and consolidated financial information.

Athens, 16 September 2022

The Chartered Accountant

Maria-Dimitra Kotitsa

I.C.P.A. Reg. No 34711

Six- month Board of Directors' Report

OF SOCIETE ANONYME "JUMBO ANONIMI EMPORIKI ETAIREIA" ON THE CONDENSED INTERIM CONSOLIDATED AND COMPANY'S FINANCIAL STATEMENTS FOR THE PERIOD FROM 01.01.2022 TO 30.06.2022

Dear Shareholders,

The presented six-month report of the Board of Directors refers to the period of the first six months of the current financial year 2022 (01.01.2022-30.06.2022). The Report has been prepared in accordance with the related provisions of Law 3556/2007 (Government Gazette 91A/30.04.2007) as well as the publicized resolutions of the Board of Directors of the Hellenic Capital Market Commission.

This report briefly describes financial information for the first half of the current financial year, the most significant events that took place during this period and their effect on the condensed interim financial statements of this period regarding Jumbo SA and Jumbo Group. At the same time, it provides a description of the main risks and uncertainties the Group and Company might be faced with during the second half of the financial year, as well as the most significant transactions that took place between the issuer and its related parties.

A. REVIEW OF THE CLOSING PERIOD FROM 01.01.2022 TO 30.06.2022

During the winter months, the Group's stores in Greece, Cyprus, Bulgaria and Romania continued to operate with restrictions and controls of certificates against Covid-19 for the incoming customers, mainly affecting the performance of the stores in Bulgaria and Romania, where vaccination coverage was at a lower level. As of March onwards, all the countries gradually relaxed or lifted the restrictions.

In addition to the restrictions on the operation of the stores, it should be noted that the turbulence in the ports caused by the consecutive lockdowns in China due to Covid-19, in line with the Greek ports personnel on strike, worsened the market supply, causing delays in the delivery of products.

Sales performance by country for the first six months of 2022 is analytically presented below as follows:

• Greece: Overall, for the six-month period of 2022, the net sales of the parent company excluding intragroup sales- increased by +21,20% y-o-y.

Cyprus: The network's sales for the six-month period of 2022 increased by +24,85% y-o-y.
•Bulgaria: The network's sales for the six-month period of 2022 decreased by -0,3% y-o-y.
Romania: The network's sales for the six months of 2022 decreased by -7,24% y-o-y.

As a consequence, the Group's turnover for the first six months of 2022 reached € 354,00 mil, presenting an increase of 12,82% as compared to the respective period last year, with a turnover of € 313,78 mil. The Company's turnover amounted to € 286,38 mil, presenting an increase of 15,58% as compared to the respective period last year with a turnover of € 247,78 mil.

During the first half of the year, Jumbo Group continued the implementation of its investment program. In March 2022, the Group's new hyper-store in Greece, specifically in Mytilini, started its operation.

As at 30.06.2022, the Group's network had 82 stores, 53 of which are located in Greece, 5 in Cyprus, 9 in Bulgaria and 15 in Romania, while the on line store was operating in Greece and Cyprus.

Furthermore, the Company, through collaborations, had presence, with 30 stores operating under the JUMBO brand, in six countries (Albania, Kosovo, Serbia, North Macedonia, Bosnia and Montenegro).

Some important financial data for the Group and the Company are analyzed below as follows:

Gross Profit: The Group's gross profit margin for the current period (01.01.2022-30.06.2022) stood at 57,04% from 53,07% for the previous respective period.

Respectively, for the Company, the gross profit margin for the period 01.01.2022-30.06.2022 stood at 44,32% compared to the previous respective period 01.01.2021-30.06.2021 standing at 40,96%.

Earnings before interest, taxes, investment results, depreciation and amortization: Earnings before interest, tax, investment results, depreciation and amortization of the Group reached € 115,78 mil from € 103,24 mil in the previous respective period and earnings before interest, taxes, investment results depreciation and amortization margin stood at 32,71% from 32,90%.

Earnings before interest, taxes, investment results depreciation and amortization for the Company reached € 65,74 mil. from € 59,96 mil. in the previous respective period and earnings before interest, taxes, investment results depreciation and amortization margin stood at 22,96%from 24,20%.

Net Profits after tax: The Net Consolidated Profits after tax reached € 78,56 mil. versus the previous respective period when those stood at € 67,18 mil., i.e. increased by 16,94%.

Net Profits after tax for the Company reached € 39,73 mil. versus the previous respective period when those stood at € 35,57 mil., i.e. increased by 11,71%.

Net cash flows from operating activities: Net cash flows from operating activities of the Group amounted to € 5,78 mil. for the period 01.01.2022-30.06.2022 from € 133,94 mil. for the period 01.01.2021- 30.06.2021. The Group's capital expenditures amounted to € 16,72 mil during the period 01.01.2022- 30.06.2022, net cash flows after investing and operating activities of the Group amounted to an outflow of € 13,38 mil as at 30.06.2022 from inflow of € 96,96 mil as at 30.06.2021. Cash and cash equivalents as well as other current financial assets amounted to € 721,12mil. on 30.06.2022 from € 755,45 mil. on 30.06.2021.

Net cash flows from operating activities of the Company amounted to an outflow of € 27,48 mil for the period 01.01.2022-30.06.2022 from inflow of € 101,45 mil for the period 01.01.2021-30.06.2021. With capital expenditures of € 5,25 mil during the first half of the current financial year the Company's net cash flows from investing and operating activities amounted to € 16,58 mil. as at 30.06.2022 from 135,43 mil. as at 30.06.2021. Cash and cash equivalents as well as other current financial assets amounted to € 330,44 mil on 30.06.2022 from € 440,52 mil on 30.06.2021.

The Company and the Group classify bank deposits with a term of more than 3 months in the line item "other current financial assets". These deposits are highly liquid assets, readily convertible into cash without being subject to a significant risk of change in their value or giving rise to a significant cost in the event of a premature termination before the end of the contract period. For this reason, they are included in a distinct line in the cash flows of the Company and the Group, as they are considered directly available.

Earnings per share: The Group's basic earnings per share reached € 0,5774 as compared to € 0,4937 in the previous respective period, i.e. increased by 16,94%.

Earnings per share of the Company reached € 0,2920 increased by 11,71% as compared to the previous respective period of € 0,2614.

Earnings/(losses) per share have been calculated based on the allocation of profits / (losses) after tax, on the weighted average number of shares of the parent company.

Net Tangible Fixed Assets: As at 30.06.2022, the carrying amount of the Group's Tangible Fixed Assets amounted to € 693,68mil., including right-of-use assets, and represented 39,50% of the Group's

Total Assets, compared to 31.12.2021 standing at € 696,60 mil. including right-of-use assets and represented 38,75% of the Group's Total Assets.

As at 30.06.2022, the carrying amount of the Company's Tangible Fixed Assets amounted to € 357,75 mil., including right-of-use assets, and represented 31,54% of the Company's Total Assets, as compared to 31.12.2021, when the carrying amount of the Company's Tangible Fixed Assets amounted to € 365,41 mil. including right-of-use assets and represented 29,83% of the Company's Total Assets.

Net investments performed by the Company for the purchase of fixed assets for the closing period amounted to € 3,59 mil. and to € 14,16 mil. – by the Group.

Inventories: Inventories of the Group amounted on 30.06.2022 to € 221,95 mil. compared to € 154,13 mil. as at 31.12.2021 and represent 12,64% of the Total Consolidated Assets compared to 8,57% as at 31.12.2021. Inventories of the Company amounted to € 186,21 mil. compared to € 126,12 mil. as at 31.12.2021 and represent 16,42% of the Total Assets of the Company compared to 10,29% as at 31.12.2021.

Long term bank liabilities: As at the same date, the long term bank liabilities of the Group and the Company amounted to € 199,69 mil., i.e. 11,37% of the Total Equity and Liabilities for the Group (17,61% for the Company) compared to the long-term bank liabilities of € 199,52 mil. for the Group and for the Company as at 31.12.2021.

Long-term lease liabilities: On the same date, the Group's long-term lease liabilities amounted to € 78,44 million, i.e. 4,47% of the Group's Equity and Liabilities and for the Company to € 62,78 million, i.e. 5,53% of the total Equity and Liabilities of the Company. As at 31.12.2021 the Group's long-term lease liabilities amounted to € 81,91 million, i.e. 4,56% of the Group's Equity and Liabilities and for the Company to € 65,58 million, i.e. 5,35% of the total Equity and Liabilities of the Company.

Short-term lease liabilities: On the same date, the Group's short-term lease liabilities amounted to € 7,55 million and for the Company to € 5,73 million. As at 31.12.2021 the Group's short-term lease liabilities amounted to € 7,56 million and for the Company to € 5,74 million.

Equity: Consolidated Equity amounted to € 1.299,91 mil. compared to € 1.328,33 mil. on 31.12.2021 and represent 74,01% of the Group's Total Equity and Liabilities. The Company's Equity amounted to € 725,13 mil. compared to € 790,16 mil. as at 31.12.2021, representing 63,93% of the Company's Total Equity and Liabilities.

Net debt ratios: During the closing period the Group's cash and cash equivalents balances and other current financial assets were higher than the total borrowings and lease liabilities, by the amount of € 435,45 mil and, as a consequence, the total net debt ratio was negative. For the financial year that ended on 31.12.2021 the Group' cash and cash equivalents balances and other current financial assets were higher than its total borrowings and lease liabilities, by the amount of € 549,14 mil and, as a consequence, the total net debt ratio was negative.

As at 30.06.2022 the cash and cash equivalent balances and other current financial assets of the Company were higher than the total borrowings and lease liabilities, by the amount of € 62,25 mil and, as a consequence, the total net debt ratio was negative. As at 31.12.2021 the Company's cash and cash equivalent balances and other current financial assets were higher than the total borrowings and lease liabilities, by the amount of € 179,20 mil and, as a consequence, the total net debt ratio was negative.

Adding Value and Performance Valuation Factors

The Group recognizes four geographical segments, Greece, Cyprus, Bulgaria and Romania, as operating segments. The above geographical segments are those used by the Management for internal information purposes. The Management's strategic decisions are based on the operating results of every segment, which are used for measurement of profitability.

On 30.06.2022 the total amount of earnings before taxes, financial and investment results which was allocated among the four segments, stood at € 98,08 mil. Respectively, οn 30.06.2021 the total amount of earnings before taxes, financial and investment results which was allocated among the four segments stood at € 84,90 mil.

Greece segment represented for the current period 01.01.2022-30.06.2022 60,01% of the Group's turnover while it also contributed 49,89% of the total earnings before taxes, financial and investment results. During the previous respective period this segment represented 55,86% of the Group's turnover while it also contributed 49,81% of the total earnings before taxes, financial and investment results.

Cyprus segment represented for the current period 01.01.2022-30.06.2022 11,77% of the Group's turnover while it also contributed 15,30% of the total earnings before taxes, financial and investment results. In the previous comparative period this segment represented 10,64% of the Group's turnover while it also contributed 12,49% of the total earnings before taxes, financial and investment results.

Bulgaria segment represented for the current period 01.01.2022-30.06.2022 9,23% of the Group's turnover, while it also contributed 10,48% of the total earnings before taxes, financial and investment results. In the previous comparative period this segment represented 10,41% of the Group's turnover, while it also contributed 10,18% of the total earnings before taxes, financial and investment results.

Romania segment represented in the current period 01.01.2022-30.06.2022 18,99% of the Group's turnover, while it also contributed 24,33% of the total earnings before taxes, financial and investment results. During the previous comparative period this segment represented 23,10% of the Group's turnover, while it also contributed 27,52% of the total earnings before taxes, financial and investment results.

The Group evaluates its results and performance on a monthly basis, thus timely and effectively identifying deviations from its objectives and undertaking the necessary corrective actions. The Group evaluates its financial performance using the following generally accepted Key Performance Indicators:

ROCE (Return on Capital Employed): This ratio divides the net earnings after taxes with the total Capital Employed, which is the total of the average of the Equity of the two last reporting periods and the average of the total lease liabilities and borrowings of the two last reporting periods. The ratio reached:

for the Group: for the closing period 01.01.2022-30.06.2022 4,91%, previous respective period 4,41%,
for the Company: for the closing period 01.01.2022-30.06.2022 3,87%, previous respective period 3,40%,

ROE (Return on Equity): this ratio divides the Earnings After Tax (EAT) with the average Equity of the two last reporting periods and stood at:

for the Group: for the closing period 01.01.2022-30.06.2022 5,98%, previous respective period 5,50%,
for the Company: for the closing period 01.01.2022-30.06.2022 5,24%, previous respective period 4,66%

Alternative Financial Performance Measures

The Group uses as alternative performance measures Earnings before Interest, Tax Depreciation and Amortization (EBITDA), Margin of Earnings before interest, tax, investment results, depreciation and amortization and Net debt. These indicators are taken into account by the Group's management for strategic decisions.

Earnings before interest, taxes, depreciation and amortization (EBITDA)
Amounts in mil. €	The Group		The Company
	30/6/2022	30/6/2021	30/6/2022	30/6/2021
Earnings After Tax	78,56	67,18	39,73	35,57
Taxes	17,94	15,04	12,09	9,98
Interest	1,58	2,68	2,61	2,47
Depreciation	17,70	18,35	11,31	11,94
Earnings before interest, taxes, depreciation
and amortization (EBITDA)	115,78	103,24	65,74	59,96
Investment results	0,00	0,00	0,00	0,00
Earnings before interest, tax, investment results, depreciation and amortization	115,78	103,24	65,74	59,96
Turnover	354,00	313,78	286,38	247,78
Margin of Earnings before interest, tax investment results depreciation and amortization	32,71%	32,90%	22,96%	24,20%

Note

The term EBITDA refers to earnings before interest, taxes, depreciation and amortization and alongside with the Earnings before interest, tax, investment results, depreciation and amortization Margin, it constitutes the ratios of measuring the Company's and the Group's operational performance.

NET DEBT
	The Group	The Company
Amounts in mil. €	30/6/2022	31/12/2021	30/6/2022	31/12/2021
Long term loan liabilities	199,69	199,52	199,69	199,52
Long term lease liabilities	78,44	81,91	62,78	65,58
Short-term lease liabilities	7,55	7,56	5,73	5,74
Other current financial
assets	(272,23)	(220,50)	(200,00)	(220,50)
Short term restricted bank
deposits	(9,22)	(12,81)	-	-
Cash and cash
equivalents	(439,68)	(604,82)	(130,44)	(229,54)
Net Debt	(435,45)	(549,14)	(62,25)	(179,20)

Note

The net debt for the Company and the Group is represented by the total lease liabilities and borrowings less the amount of cash and cash equivalents and other current financial assets and is used by the Management of the Company and the Group as a measure of liquidity.

Β. SIGNIFICANT EVENTS IN THE CLOSING PERIOD

The significant events which took place during the first half of the current year (01.01.2022- 30.06.2022) as well as their effect on the condensed interim financial statements are the following.

The Extraordinary General Meeting of Shareholders of the Company of 19.01.2022 decided, among other things, to increase the number of the Board of Directors members, elected by the Ordinary General Meeting at 15.06.2021 with the election of two new members, Mr Polys Polycarpou, son of Andreas, and Mr Savvas Kaouras, son of Antonios (the latter as an independent non-executive member given that all the independence criteria within the meaning of the provisions of paragraphs 1 and 2 of article 9 of Greek Law 4706/2020 are met). The term of office of the Board of Directors remains unchanged, it expires on 15.06.2023 and may be extended until the period within which the next Ordinary General Meeting of the

Shareholders of the Company must be convened and until a relative decision is taken.

The Extraordinary General Meeting of the Company's shareholders held on 19.01.2022, decided for 2022 on a cash distribution of 0,3850 EUR/ share before withholding dividend tax, i.e. a total amount EUR 52.383.007,22, formed from extraordinary reserves from taxed and non-distributed profits of the financial years 01.07.2016-30.06.2017 and 01.07.2017-30.06.2018. The net extraordinary cash distribution, after withholding 5% tax, where required, amounted to 0,36575 EUR/ share and the payment to the beneficiaries started on 31.01.2022.

The Board of Directors of the Company at its meeting held on 10.05.2022, decided on the extraordinary cash distribution of 0,3850 EUR/share (gross), before withholding legal dividend tax, i.e. a total of EUR 52.383.007,22, which was part of the extraordinary reserves from taxed and non-distributed profits for the year from 01.01.2021-31.12.2021. The net extraordinary cash distribution, after withholding 5% tax, where required, amounted to 0,36575 EUR/ share and the payment to the beneficiaries started on 08.06.2022.

With the above two distributions of an equal amount, the Company's management implemented its commitment to maintain the dividend policy for 2021 and for 2022 by distributing a total amount of 0,77 EUR per share (gross).

On April, 2022, the share capital decrease of the subsidiary JUMBO ECB LTD was completed in accordance with the decision of the Board of Directors as of November 12, 2021 of the parent company "JUMBO SA". Now, the share capital of the subsidiary, after the completion of the above reduction, amounts to € 31,78 million.

The Ordinary General Meeting held on May 5th, 2022, decided to start a program to acquire the Company's equity shares according to article 49 et seq. of Law 4548/2018 for the purpose of their cancelation, under the following terms: a. The maximum number of shares to be acquired will not exceed 13.605.975, which represents ten percent (10%) of the fully paid-up share capital of the Company, b. Their minimum purchase price will be one (EUR 1) euro per share and their maximum purchase price will be thirteen euros and fifty cents (EUR 13,50) per share, c. The program's period of implementation is twentyfour (24) months, i.e. from 05.05.2022 to 04.05.2024. Until the date of approval of the financial statements the Company had not acquired any equity shares.

The direct and indirect effects of the COVID-19 on the financial results of the Group and of the Company are analysed in section A "Review of the closing period from 01.01.2022 to 30.06.2022" as well as in section C "Risk Management" of the Six-Month Board of Directors report.

C. RISK MANAGEMENT

The Group is exposed to various financial risks such as market risk (variation in foreign exchange rates, interest rates, market prices etc.), credit risk and liquidity risk. The Group's risk management policy aims at limiting the negative impact on the Group's financial results, which arises from the inability to predict financial markets and fluctuations in cost and revenue variables.

The risk management policy is executed by the Management of the Group, which evaluates the risks related to the Group's activities and operations, plans the methodology and selects suitable financial products for risk reduction.

The Group's financial instruments include mainly bank deposits, trade debtors and creditors, dividends payable and loans.

Foreign Exchange Risk

The Group operates internationally and, therefore, it is exposed to foreign exchange risk, which arises mainly from the U.S. Dollar and Romanian Lei (RON) due to the operation of the Group through its subsidiary company in Romania. The Group deals with this risk with the strategy of early stocking that

provides the opportunity to purchase inventories at more favorable prices while been given the opportunity to review the pricing policy through its main operational activity which is retail sales. However, significant variation in foreign exchange rates could have a negative effect on its results.

Interest Rate Risk

On June 30th 2022, the Group and the Company are exposed to changes in the interest rate market in terms of their bank borrowing, cash and cash equivalents which are subject to a variable rate of interest. A reasonable change in the interest rate of +/- 0,5% would benefit / burden the Company's and Group's results by € 1,19 mil. and € 0,37 mil, respectively. Deposits up to three months term as well as deposits over three months term (other current financial assets) have been included in the calculation.

Credit Risk

The main part of the Group's sales concerns retail sales (effected mostly in cash), while wholesale sales are made to clients with a reliable credit record. In respect of trade and other receivables, the Group is not exposed to any significant credit risk. To minimize the credit risk as regards cash and cash equivalents, the Group only deals with well-established financial institutions of high credit standing.

Liquidity Risk

The Group manages its liquidity needs by carefully monitoring scheduled debt servicing payments for long – term financial liabilities as well as cash outflows due in the day - to - day business. The Group ensures that sufficient available credit facilities exist, so that it is able to cover the short-term business needs, after calculating the cash flows resulting from its operation as well as its cash and cash equivalents.

Other Risks

Political and economic factors

Demand for products and services as well as the Company's sales and final economic results are affected by external various factors such as political instability, geopolitical instability, economic uncertainty and recession.

One of the consequences of the ongoing war in Ukraine, among other things, is the increase in energy costs, the cost of land transportations, while inflationary pressures dramatically burden the budget of every household.

Moreover, factors such as taxes, political, economic and social changes that can affect Greece and other countries where the Group operates can have a negative effect on the Company's and the Group's going concern, its financial position and results.

In order to deal with the above risks, the Company is constantly re-engineering its products, focusing on cost limitations and creating sufficient stock early enough at fair prices.

Health-related factors

The Group closely monitors developments regarding the spread of the coronavirus, in order to adapt to the specific conditions that arise exclusively to be in position to address and limit the spread of COVID-19. For this reason, a dedicated team was set up to monitor and evaluate the possible effects of the pandemic, prioritizing the protection of the health and safety of its employees, clients and collaborators. It complies with the official instructions of the competent authorities for the operation of its physical stores and headquarters in the countries in which it operates, while, at the same time, evaluating all the actions that are deemed necessary to protect the financial position of the Company and of the Group and to ensure their operation within the imposed restrictions, as well as taking the appropriate measures to be able to smoothly restore all their activities, after the gradual lifting of the restrictive measures.

Impact on the financial results

The management of the Company evaluated the potential and actual effects of the pandemic on its business activities and the financial performance of the Company and of the Group, taking into account a number of estimates and assumptions that it has assessed as appropriate under the circumstances, in order to estimate the Company's and the Group's future cash flows.

Areas that have been extensively evaluated to assess their impact are:

• Issues in the supply chain

The development and maintenance of a value-added supply chain for the Group, with economically, environmentally and socially responsible methods and practices, is a constant challenge, harmonized with the Group's vision. The Group's suppliers are important partners in achieving the business goals that will ensure its competitiveness and sustainable development.

Given the growing complexity of the global supply chain and the degree to which the global economic system is interconnected, the effects of the initial outbreak of the virus in Asia were quickly felt in other economies as well, disturbing violently the years' balances. Indicatively, one of multiple parameters of the disturbance, caused in the markets, concerns the increase in the price of raw materials in line with the dramatic increase in transportation costs.

Moreover, the zero - Covid case policy implemented in Asia worsen the supply chain problems as ports close or operate under restrictions resulting in delays or shifting in deliveries, thus increasing shortages in products, especially of seasonal products.

The Group traditionally has strategic agreements with suppliers and distributors creating communication channels. The Group has invested in the increase of the number and size of its warehouses, in order to improve the supply to the stores.

• Travel and trade restrictions

Travel restrictions applied in many countries have resulted in cancellation or postponement of exhibitions. Also, it is not possible to visit supplier factories.

The employees of the Group have access to platforms through which exhibitions take place, they hold teleconferences with suppliers as well as with other employees of the Group.

• Decrease in demand and sales

The Group's activity is affected by the amount of disposable income and private consumption depending on the economic conditions in the countries in which it operates.

• Adequacy of financing

The Group was adequately funded at the beginning of the health crisis. The working capital of the Company and the Group is positive and amounts to 503,62 million euros and 886,05 million euros respectively and, therefore, it is not expected that the Company and the Group will have difficulties in repaying their obligations. Moreover, as at 30.06.2022 the total net debt ratio of the Group and of the Company was negative. All the aforementioned are significant factors mitigating the risk and concerns for the upcoming period, which is characterized by exceptional uncertainty.

• Company's and Group's Investment plan

For the second half of 2022 and 2023 the Company's and the Group's investment plan remains intact. Until the end of 2022 Jumbo will open another store in Romania while in 2023, two more hyper-stores in Romania and one hyper-store in Cyprus are expected to open. Furthermore, the online store in Romania is expected to begin its operations. Looking into 2024, uncertainty is increased to such an extent that the decisions that under normal conditions would have taken place today, have been postponed for the time being, due to the uncontrolled increase in costs and the likely side-effects it may have on the competitiveness of any of our future investment options.

Going- concern

Management of the Group constantly evaluates the situation and the potential consequences, and takes all the necessary measures to maintain the viability of the Group and of the Company and minimize the impact on their operations in the current business and economic environment. Maintaining an economic model while restraining the operating costs, adjusting product purchasing policy and sales recovery through reopening of stores constitute the factors that will strengthen this effort.

In any case, the ability of the Company and of the Group to continue as a going concern does not constitute an issue in any case.

Suppliers bankruptcy risk

The unprecedented energy crisis, the increase in operating costs and of the cost of money creating the risk of bankruptcy of a supplier of the Company. In this circumstances the Company faces the risk of losing advances given for the purchase of products.

As a safeguard from the aforementioned risk, the Company has contractual agreements with a significant number of suppliers, none of which represents an important percentage on the total amount of the advance payments.

Sales seasonality

Due to the specific nature of Group's products, its sales present high level of seasonality. A significant part of the Group's annual turnover is realised during the Christmas period (28%), while seasonal sales fluctuations are noted during months such as April (Easter – 12% of annual turnover) and September (beginning of school period- 10% of annual turnover). Sales seasonality demands rationality in working capital management specifically during peak seasons. It is probable that the Group's inadequacy to deal effectively with seasonal needs for working capital during peak seasons may burden it with additional financial expenses and negatively affect its results and its financial position.

Group's inability to cope effectively with the increased demand during these specific periods and delays in deliveries may adversely affect its annual results. Moreover, problems may arise due to external factors such as the course of the pandemic, adverse weather conditions, transportation workers strikes or defective and dangerous products.

Dependence on agents-importers

The Company imports its products directly from aboard as the exclusive dealer for toy companies which do not maintain agencies in Greece. Moreover, the Company acquires its products from more than 230 suppliers which operate within the Greek market.

However, the Company faces the risk of losing revenues and profits in case its cooperation with some of its suppliers terminates. Nevertheless, it is estimated that the risk of not renewing the cooperation with its suppliers is insignificant due to the leading position of JUMBO in the Greek market. The potential of such a perspective would have a small effect in relation to the Company's size since none of the suppliers represents more than 3% of the Company's total sales.

Intensity of competition between companies in the industry

The Company's basic competitors in Greece are super markets (food departments excepted), toy stores, infantile-product stores, stationery stores, seasonal-goods stores, as well as respective electronic storefronts. At the same time, the current status of the market could change in the future either due to the entrance of foreign companies on the Greek market or due to potential strategic changes and expansion of retail store networks and product ranges of present competitors. A potential increase in competition e.g. through price wars or offers could have a negative impact on the revenue and profits of the Group.

Issues on the supply chain

70% of the Group's products originate from Asia while China holds the biggest share. The facts that could lead to cessation of Chinese imports (such as embargo for Chinese imports or increased import taxes for Chinese imports or political-economic crises and personnel strikes in China, capital controls or an epidemic) could interrupt the product supply for the Group's selling points, resulting in a negative effect on the Group's operations and its financial position. Having invested in increasing the number, location and size of warehouses and facilities, the Group has the opportunity to proceed with inventory storage to deal with delays in the supply chain.

Other external factors

The continuation of the war in Ukraine, the resurgence of the pandemic or a terrorist attack or potential consequences from a new financial crisis in Eurozone and in the other countries in which the Group operates are factors that cannot be foreseen and controlled. Such events can affect the economic, political and social environment of the country with negative results for the Group in general.

D. INFORMATION ON THE COMPANY'S AND THE GROUP'S PROSPECTS

The Group holds a leading position in the retail sale of toys, baby products, gift articles, household products, stationery and related and similar types of products and intends to maintain it. The means to achieve this objective include the continuous enrichment of the variety of its traded products, based on developments and demand trends in the categories where the Group operates, maintaining product prices at competitive levels as well as advertising of strong branding.

At 30.06.2022 the Group operated in Greece 53 stores. The Company's objective is to facilitate better management of the existing network and infrastructure through re-evaluation and upgrading the existing stores as announced and expansion of the network in areas where the Company has no presence so far.

In Bulgaria, the subsidiary company «JUMBO ΕC.B LTD», operated as nine stores at 30.06.2022, four in Sofia, one in Plovdiv, one in Varna, one in Burgas, one in Rousse and one in Stara Zagora.

In Cyprus, the subsidiary company JUMBO TRADING LTD, operated five stores and the online store (https://www.e-jumbo.gr/el/?country=CY ) as at 30.06.2022. One in Nicosia, two in Lemessos, one in Larnaka and one in Paphos. The Company aims to open one more store in Nicosia next the year.

In Romania, until today, the subsidiary company «JUMBO ΕC.R SRL» operated fifteen hyperstores: four stores in Bucharest, one in Timisoara, one in Oradea, one in Arad, one in Ploiesti, one in Pitesti, one in Constanta, one in Suceava, one in Bacau, one in Braila one in Brasov and one in Craiova. Moreover, the Company aims to open one more hyper store in Sibiu (approximately 15.0000sqm) within the current year and two more next year.

Regarding e-commerce, the Group has a presence in Greece and in Cyprus. During 2023, the online store in Romania is expected to become operational.

In addition, in the context of its Sustainable Growth policy, the Group continues and invests in stores and warehouses aiming at the reduction of carbon dioxide emissions from electricity consumption. In 2021, the Group started a three-year program for the installation of photovoltaic systems for selfconsumption in 28 buildings in Greece and Cyprus, with an installed capacity that will exceed 9,7MWp.

Until 16.09.2022, three projects have been completed in Cyprus, with a total capacity of 1,34MWp. The total production of the three systems is expected to exceed 1.997,23 MWh and by using them to achieve savings in the Carbon (CO2) emissions of 1.427 tons per year.

Until the end of the year six more projects are expected to be concluded in Greece with a total capacity of 1.450 kWp, the total production is expected at 2.150 MWh/year and savings in the Carbon (CO2) emissions of 1.660 tons per year are expected to arise from their use .

It is to be noted that the Company has presence in six countries (North Macedonia, Albania,

Kosovo, Serbia, Bosnia and Montenegro) through collaboration agreements with stores that operate under the JUMBO brand name. During the financial year of 2020, Jumbo entered into a commercial collaboration agreement for Israel. In the second half of 2022, the first store that will bear the JUMBO brand in Israel is expected to open.

Ε. TRANSACTIONS WITH RELATED PARTIES

The most important transactions and balances between the Company and its related parties (except physical persons) on 30.06.2022, as defined in IAS 24, are as follows:

Amounts in €	THE GROUP		THE COMPANY
Sales of merchandise	30/06/2022	30/06/2021	30/06/2022	30/06/2021
Subsidiaries	-	-	73.923.201	72.494.430
Total	-	-	73.923.201	72.494.430
Sales of services	30/06/2022	30/06/2021	30/06/2022	30/06/2021
Subsidiaries	-	-	-	9.744
Total	-	-	-	9.744
Sales of tangible assets and other
services	30/06/2022	30/06/2021	30/06/2022	30/06/2021
Subsidiaries	-	-	232.672	220.426
Total	-	-	232.672	220.426
	THE GROUP		THE COMPANY
Purchases of merchandise	30/06/2022	30/06/2021	30/06/2022	30/06/2021
Subsidiaries	-	-	680.240	574.601
Total	-	-	680.240	574.601

Purchases of tangible assets and other services	30/06/2022	30/06/2021	30/06/2022	30/06/2021
Subsidiaries	-	-	385.356	15.437
Other Related parties	65.000	80.600	65.000	80.600
Total	65.000	80.600	450.356	96.037

Receivables		THE GROUP	THE COMPANY
	30/06/2022	31/12/2021	30/06/2022	31/12/2021
Subsidiaries	-	-	26.256.199	35.775.869
Total	-	-	26.256.199	35.775.869
Liabilities	30/06/2022	31/12/2021	30/06/2022	31/12/2021
Subsidiaries	-	-	859.893	22.689.260
Other Related parties	-	-	-	-
Total	-	-	859.893	22.689.260

The above amounts have been eliminated at the Group level.

Transactions with Directors and Board Members	THE GROUP	THE COMPANY
Amounts in euro	30/06/2022	30/06/2022
Wages and salaries	358.222	161.437
Social security cost	37.790	22.273
Other fees and transactions with the members of the Board of Directors (AGM Decision)	990.810	990.810
Compensation due to termination of employment	3.625	3.625
Total	1.390.447	1.178.145
Pension Benefits:	30/06/2022	30/06/2022
Other Benefits scheme	110.545	110.545
Total	110.545	110.545
Transactions with Directors and Board Members	THE GROUP	THE COMPANY
Amounts in euro	30/06/2021	30/06/2021
Wages and salaries	309.255	123.612
Social security cost	33.768	18.911
Other fees and transactions with the members of the Board of Directors (AGM Decision)	714.274	714.274
Compensation due to termination of employment	2.699	2.699
Total	1.059.995	859.496
Pension Benefits:	30/06/2021	30/06/2021
Other Benefits scheme	100.264	100.264
Total	100.264	100.264

The transactions with Directors and with the Board of Directors members are presented below:

No loans have been given to members of Board of Directors or other management members of the Group (and their families) and there are no receivables from nor liabilities to members of Board of Directors or other management members of the Group and their families.

There were no changes to transactions between the Company and the related parties that could have significant consequences on the financial position and the performance of the Group and the Company for the closing period from 01.01.2022 to 30.06.2022.

F. SIGNIFICANT POST REPORTING DATE EVENTS

JUMBO's Group sales in July 2022 recorded an increase of approximately +3% y-o-y, while in August 2022 the sales recorded an increase of approximately +13% y-o-y. Overall, the Group's sales during the eight months of the year, from 01.01.2022 to 31.08.2022 increased by approximately 11% compared to the corresponding period last year.

In July 2022, the Company's Statutory Tax Audit for the fiscal years 2017/2018 and 2018/2019, which was carried out by KEMEEP of the General Directorate of Tax Administration was concluded and resulted in additional tax of EUR 1,6mil, EUR 1,5mil of which have burdened the results of the six months period.

There are no other subsequent events to the financial statements that affect the Group or the Company, for which disclosure due to IFRS is required.

The current Six-month Report of the Board of Directors for the period 01.01.2022-30.06.2022 has been published on website at www.e-jumbo.gr (http://corporate.e-jumbo.gr/).

Moschato, September 16th 2022

With the authorization of the Board of Directors

Apostolos - Evangelos Vakakis

President of the Board of Directors

REG No. 7650/06/B/86/04- G.E.MI.No. 121653960000 Cyprou 9 and Hydras Street, Moschato Attikis

CONDENSED INTERIM FINANCIAL STATEMENTS For the period from 1 st January 2022 to 30th June 2022

It is confirmed that the attached Condensed Interim Financial Statements for the period 01.01.2022- 30.06.2022, are the ones approved by the Board of Directors of JUMBO S.A. on September 16th, 2022 and available on the Company's website www.e-jumbo.gr (http://corporate.e-jumbo.gr/) where they will remain at the disposal of investors for a period of at least ten (10) years starting from their preparation and publication date.

Moschato, September 16th, 2022

As and on behalf of Jumbo S.A. The President of the Board of Directors

Apostolos - Evangelos Vakakis

IV. Condensed Interim Separate and Consolidated Financial Statements for the financial period 01.01.2022-30.06.2022

A. CONDENSED INTERIM INCOME STATEMENT OF H1

(All amounts are expressed in euros except from shares)

		THE GROUP		THE COMPANY
	Notes	01/01/2022- 30/06/2022	01/01/2021- 30/06/2021	01/01/2022- 30/06/2022	01/01/2021- 30/06/2021
Turnover	4.1	354.004.623	313.776.553	286.376.616	247.779.985
Cost of sales		(152.076.408)	(147.257.716)	(159.448.191)	(146.279.548)
Gross profit		201.928.216	166.518.837	126.928.426	101.500.437
Other income	4.3	4.196.625	7.261.933	2.402.726	6.429.130
Distribution costs	4.2	(91.430.346)	(75.994.755)	(61.728.957)	(50.259.734)
Administrative expenses	4.2	(12.213.911)	(10.488.413)	(9.207.238)	(7.828.150)
Other expenses	4.3	(4.402.828)	(2.399.778)	(3.956.632)	(1.817.353)
Profit before tax, interest and
investment results		98.077.757	84.897.824	54.438.326	48.024.331
Finance costs		(5.201.946)	(4.827.181)	(4.051.643)	(4.085.888)
Finance income		3.621.202	2.148.686	1.437.797	1.612.816
		(1.580.743)	(2.678.495)	(2.613.845)	(2.473.072)
Profit before taxes		96.497.014	82.219.329	51.824.481	45.551.259
Income tax	4.4	(17.940.676)	(15.041.039)	(12.089.941)	(9.982.529)
Profits after income tax		78.556.338	67.178.290	39.734.539	35.568.730
Attributable to: Shareholders of the parent company		78.556.338	67.178.290	39.734.539	35.568.730
Non-controlling Interests		-	-	-	-
Basic earnings per share (€/share)	4.5	0,5774	0,4937	0,2920	0,2614
Earnings before interest, tax investment results depreciation and amortization		115.782.059	103.244.401	65.743.428	59.962.222
Earnings before interest, tax and investment results		98.077.757	84.897.824	54.438.326	48.024.331
Profit before tax		96.497.014	82.219.329	51.824.481	45.551.259
Profit after tax		78.556.338	67.178.290	39.734.539	35.568.730

B. CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME OF H1

(All amounts are stated in Euro)

	THE GROUP		THE COMPANY
	01/01/2022- 30/06/2022	01/01/2021- 30/06/2021	01/01/2022- 30/06/2022	01/01/2021- 30/06/2021
Net profit (loss) for the period	78.556.338	67.178.290	39.734.539	35.568.730
Items not to be classified subsequently in the income statement:
Actuarial Gains/ (Losses) Deferred taxes on actuarial gains/ (losses)	- -	- (70.252)	- -	- (70.252)
	-	(70.252)	-	(70.252)
Items that might be classified subsequently in the income statement:
Gain / (Losses) on measurement of financial assets at fair value through other comprehensive income	(2.332.186)	1.399.503	-	-
Exchange differences on translation of foreign operations	121.272	(2.472.292)	-	-
	(2.210.914)	(1.072.789)	-	-
Other comprehensive income for the period after tax	(2.210.914)	(1.143.040)	-	(70.252)
Total comprehensive income for the period	76.345.425	66.035.250	39.734.539	35.498.478
Total comprehensive income for the period attributed to :
Owners of the Parent	76.345.425	66.035.250	39.734.539	35.498.478
Non-controlling Interests	-	-	-	-

C. CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

(All amounts are stated in Euro unless otherwise mentioned. Any differences in the sums are due to rounding.)

	THE GROUP		THE COMPANY
	Notes	30/06/2022	31/12/2021	30/06/2022	31/12/2021
Non-current Assets
Property, plant and
equipment	4.6	603.137.254	601.708.875	290.820.303	295.086.691
Right of use assets	4.6	88.566.126	92.821.965	64.956.558	68.255.026
Investment property Investments in subsidiaries	4.7 4.8	1.972.062 -	2.072.204 -	1.972.062 136.758.805	2.072.204 157.095.493
Financial assets at fair value
through other comprehensive
income	4.9.1	9.735.833	12.068.019	-	-
Other long term receivables	4.10	7.063.031	6.598.982	6.859.796	6.412.022
Long term restricted bank
deposits	4.14	900.000	900.000	-	-
		711.374.305	716.170.046	501.367.524	528.921.436
Current Assets
Inventories		221.950.527	154.128.843	186.206.727	126.123.915
Trade debtors and other trade
receivables	4.11	43.364.120	48.315.039	68.110.038	83.464.587
Other receivables	4.12	55.649.845	39.498.585	47.089.044	36.142.543
Other current assets	4.13	2.812.717	1.213.651	1.046.268	467.364
Other current financial assets	4.15	272.226.000	220.500.000	200.000.000	220.500.000
Short term restricted bank deposits	4.14	9.222.163	12.813.648	-	-
Cash and cash equivalents	4.16	439.676.591	604.817.112	130.444.293	229.540.467
		1.044.901.962	1.081.286.878	632.896.369	696.238.876
Total assets		1.756.276.267	1.797.456.924	1.134.263.893	1.225.160.312
Equity and Liabilities
Equity attributable to the
shareholders of the parent
Share capital	4.17.1	119.732.588	119.732.588	119.732.588	119.732.588
Share premium reserve	4.17.2	49.995.207	49.995.207	49.995.207	49.995.207
Translation reserve		(15.784.773)	(15.906.045)	-	-
Other reserves	4.17.2	480.576.133	469.674.342	489.600.909	476.366.931
Retained earnings		665.387.705	704.831.367	65.797.130	144.062.592
		1.299.906.860	1.328.327.459	725.125.834	790.157.318
Non-controlling Interests		-	-	-	-
Total equity		1.299.906.860	1.328.327.459	725.125.834	790.157.318
Non-current liabilities
Liabilities for pension plans		12.674.425	12.222.693	12.566.327	12.114.595
Long term loan liabilities	4.18	199.688.285	199.519.305	199.688.285	199.519.305
Long-term lease liabilities	4.19	78.435.079	81.912.644	62.777.793	65.579.835
Other long term liabilities	4.20	1.857.591	2.454.755	34.997	34.997
Deferred tax liabilities	4.21	4.858.036	4.796.919	4.796.865	4.710.471
Total non-current liabilities		297.513.416	300.906.318	279.864.267	281.959.203
Current liabilities
Provisions		592.248	738.956	592.248	738.956
Trade and other payables	4.22	38.745.251	42.183.037	37.601.492	62.609.291
Current tax liabilities	4.23	75.076.417	74.622.703	62.843.364	60.370.980
Short-term loan liabilities	4.19	7.551.200	7.560.414	5.725.109	5.739.805
Other current liabilities	4.24	36.890.875	43.118.037	22.511.579	23.584.759
Total current liabilities		158.855.991	168.223.147	129.273.792	153.043.791
Total liabilities		456.369.408	469.129.465	409.138.059	435.002.994
Total equity and liabilities		1.756.276.268	1.797.456.924	1.134.263.893	1.225.160.312

D. CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY - CONSOLIDATED

For the period from 1st January 2022 to 30st June 2022

(All amounts are stated in Euro unless otherwise mentioned)

	THE GROUP
	Share Capital	Share Premium Reserve	Translation Reserve	Statutory Reserve	Fair Value Reserve	Tax- free reserves	Extraordinary reserves	Other reserves	Retained earnings	Total Equity
Balances as at 1st January 2022, according to the IFRS Changes in Equity	119.732.588	49.995.207	(15.906.045)	53.786.617	(6.678.397)	1.797.944	424.379.239	(3.611.060)	704.831.367	1.328.327.459
Dividends paid	-	-	-	-	-	-	(52.383.007)	-	-	(52.383.007)
Statutory Reserve	-	-	-	-	-	-	-	-	-	-
Extraordinary Reserves	-	-	-	-	-	-	65.616.985	-	(118.000.000)	(52.383.015)
Transactions with owners	-	-	-	-	-	-	13.233.977	-	(118.000.000)	(104.766.023)
Net profit for the period 01/01/2022-30/06/2022	-	-	-	-	-	-	-	-	78.556.338	78.556.338
Other comprehensive income
Exchange differences on
transaction of foreign operations	-	-	121.272	-	-	-	-	-	-	121.272
Deferred tax due to change of
tax rate Profit / (Loss)from the	-	-	-	-	-	-	-	-	-	-
measurement of financial assets
at fair value through other
comprehensive income	-	-	-	-	(2.332.186)	-	-	-	-	(2.332.186)
Other comprehensive income	-	-	121.272	-	(2.332.186)	-	-	-	-	(2.210.914)
Total comprehensive income for
the period	-	-	121.272	-	(2.332.186)	-	-	-	78.556.338	76.345.425
Balance as at June 30th, 2022 according to IFRS	119.732.588	49.995.207	(15.784.773)	53.786.617	(9.010.583)	1.797.944	437.613.216	(3.611.060)	665.387.705	1.299.906.860

For the period from 1st January 2021 to 30st June 2021

(All amounts are stated in Euro unless otherwise mentioned)

THE GROUP Share Translation Statutory Fair Value Tax- free Extraordinary Other Retained Share Capital Premium Total Equity Reserve Reserve Reserve reserves reserves reserves earnings Reserve Balances as at 1st January 2021, according to the IFRS 119.732.588 49.995.207 (12.449.407) 53.786.617 (8.119.363) 1.797.944 414.145.253 (2.678.006) 603.279.165 Changes in Equity Dividends paid - - - - - - (63.948.087) Statutory Reserve - - - - - - - Extraordinary Reserves - - - - 51.051.913 - (51.051.913) Transactions with owners - - - - - - 51.051.913 - (115.000.000) Net profit for the period 01/01/2021-30/06/2021 - - - - - - 67.178.290 Other comprehensive income Exchange differences on transaction of foreign operations (2.472.292) Deferred tax due to change of tax rate (70.252) Profit / (Loss)from the measurement of financial assets at fair value through other comprehensive income - - - 1.399.503 - - - - Other comprehensive income - - (2.472.292) - 1.399.503 - - (70.252) - Total comprehensive income for the period - - (2.472.292) - 1.399.503 - - (70.252) 67.178.289 Balance as at June 30th, 2021 according to IFRS 119.732.588 49.995.207 (14.921.699) 53.786.617 (6.719.860) 1.797.944 465.197.167 (2.748.258) 555.457.456


										1.219.489.998
										(63.948.087)
										-
										-
										(63.948.087)
										67.178.290
										(2.472.292)
										(70.252)
										1.399.503
										(1.143.040)
										66.035.250
										1.221.577.162

E. CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY OF THE PARENT - COMPANY

For the period from 1st January 2022 to 30th June 2022

(All amounts are stated in Euro unless otherwise mentioned)

	THE COMPANY
		Share Capital Share Premium Reserve		Statutory Reserve Tax- free reserves	Extraordinary reserves	Other reserves	Retained earnings	Total Equity
Balances as at 1st January 2022, according to the IFRS	119.732.588	49.995.207	53.786.617	1.797.944	424.379.239	(3.596.868)	144.062.592	790.157.319
Changes in Equity
Dividends paid	-	-		- -	(52.383.007)	-	-	(52.383.007)
Statutory Reserve	-	-		- -	-	-	-	-
Extraordinary Reserves	-	-		- -	65.616.985	-	(118.000.000)	(52.383.015)
Transactions with owners	-	-	-	-	13.233.977	-	(118.000.000)	(104.766.023)
Net profit for the period 01/01/2022-30/06/2022	-	-	-	-	-	-	39.734.539	39.734.539
Other comprehensive income
Actuarial gains / (losses) on defined benefit pension plans	-	-	-	-	-	-	-	-
Deferred tax due to change of tax rate	-	-	-	-	-	-	-	-
Other comprehensive income	-	-	-	-	-	-	-	-
Total comprehensive income for the period	-	-	-	-	-	-	39.734.539	39.734.539
Balance as at June 30th 2022 according to IFRS	119.732.588	49.995.207	53.786.617	1.797.944	437.613.216	(3.596.868)	65.797.130	725.125.834

For the period from 1st January 2021 to 30th June 2021

(All amounts are stated in Euro unless otherwise mentioned)

	THE COMPANY
		Share Capital Share Premium Reserve		Statutory Reserve Tax- free reserves	Extraordinary reserves	Other reserves	Retained earnings	Total Equity
Balances as at 1st January 2021, according to the IFRS	119.732.588	49.995.207	53.786.617	1.797.944	414.145.253	(2.669.547)	140.649.272	777.437.334
Changes in Equity
Dividends paid	-	-		- -	-	-	(63.948.087)	(63.948.087)
Statutory Reserve	-	-		- -	-	-	-	-
Extraordinary Reserves	-	-		- -	51.051.913	-	(51.051.913)	-
Transactions with owners	-	-		- -	51.051.913	-	(115.000.000)	(63.948.087)
Net profit for the period 01/01/2021-30/06/2021	-	-		- -	-	-	35.568.730	35.568.730
Other comprehensive income
Actuarial gains / (losses) on defined benefit pension plans	-	-		- -	-	-	-	-
Deferred tax due to change of tax rate	-	-		- -	-	(70.252)	-	(70.252)
Other comprehensive income	-	-		- -	-	(70.252)	-	-
Total comprehensive income for the period	-	-		- -	-	(70.252)	35.568.730	35.498.478
Balance as at June 30th 2021 according to IFRS	119.732.588	49.995.207	53.786.617	1.797.944	465.197.167	(2.739.799)	61.218.002	748.987.725

F. CONDENSED INTERIM STATEMENT OF CASH FLOWS

(All amounts are stated in Euro unless otherwise mentioned.)

			THE GROUP	THE COMPANY
Indirect Method	Notes	01/01/2022- 30/06/2022	01/01/2021- 30/06/2021	01/01/2022- 30/06/2022	01/01/2021- 30/06/2021
Cash flows from operating activities
Cash flows from operating activities Interest paid Tax paid Net cash flows from operating	4.25	15.046.596 (2.860.555) (6.407.191)	141.086.919 (2.756.679) (4.390.803)	(21.839.654) (2.417.328) (3.225.030)	104.634.228 (2.507.413) (681.470)
activities		5.778.850	133.939.437	(27.482.011)	101.445.344
Cash flows from investing activities
Acquisition of tangible and intangible assets Receipts from sale of tangible and		(16.724.791)	(34.328.336)	(5.248.798)	(17.655.830)
intangible assets Share Capital Change of Subsidiaries		35.616	255.871	44.441	255.871
Proceeds from investments held to maturity		- -	- 4.220.000	20.336.688 -	- -
Investments in financial assets available for sale		-	(8.988.552)	-	-
Collection of Dividend of Subsidiary		-	-	-	50.004.346
Interest received		3.312.512	1.865.256	1.445.714	1.375.316
Net cash flows from investing activities		(13.376.663)	(36.975.761)	16.578.044	33.979.702
Cash flows from financing activities
Dividends paid to owners of the Parent Proceeds from borrowings		(104.757.579) -	- 97.907	(104.757.579) -	- -
Loans repayments		-	-	-	-
Lease repayments		(3.381.195)	(1.792.519)	(2.816.738)	(1.299.194)
Interest paid for leases		(1.355.837)	(3.585.938)	(1.117.889)	(3.306.302)
Net cash flows from financing activities Increase/(decrease) in cash and cash equivalents (net)		(109.494.611) (117.092.424)	(5.280.550) 91.683.126	(108.692.206) (119.596.173)	(4.605.496) 130.819.551
Cash and cash equivalents in the beginning of the year Exchange difference on cash and		838.130.760	665.145.999	450.040.467	309.695.714
cash equivalents		86.417	(1.374.606)	-	-
Cash and cash equivalents at the end of the period		721.124.754	755.454.518	330.444.293	440.515.266
Cash and cash equivalents		439.676.591	430.528.518	130.444.293	240.515.266
Short term restricted bank deposits		9.222.163	12.700.000	-	-
Other current financial assets		272.226.000	312.226.000	200.000.000	200.000.000
Total		721.124.754	755.454.518	330.444.293	440.515.266

Note:

The Group and the Company classify bank deposits with a maturity of more than 3 months as other current financial assets. These cash deposits are highly liquid, readily convertible into cash without being subject to a significant risk of change in their value or giving rise to a significant cost, in the event of an early termination before the end of the contractual period. For this reason, cash flows of the Group and the Company include this item as cash available, in a separate line item.

G. SELECTED EXPLANATORY NOTES TO THE INTERIM SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS AS AT 30 JUNE 2022

1. Information

The interim condensed separate and consolidated Financial Statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

JUMBO is a trading company, established according to the Greek Legislation. Reference made to the "COMPANY" or "JUMBO S.A." indicates, unless otherwise stated in the text, the Group "JUMBO" and its fully consolidated subsidiary companies.

The Company's distinctive title is "JUMBO" and it has been registered in its articles of incorporation as well as at the department for trademarks of the Ministry of Development as a brand name for JUMBO products and services under number 127218, with protection period upon extension until 5/6/2025. The Company was incorporated in 1986 (Government Gazette 3234/26.11.1986) and its term was set as that of thirty (30) years. According to the decision of the Extraordinary General Meeting of the shareholders dated 3/5/2006, approved by the decision of the Ministry of Development N. K2-6817/9.5.2006, the term of the company was extended to seventy years (70) from the date of its registration in the Registry of Societes Anonymes.

Initially, the Company's registered office was located in the Municipality of Glyfada, at. 11 Angelou Metaxa street. According to the same aforementioned decision as of 03.05.2006 of the Extraordinary General Meeting of shareholders, approved by the decision of the Ministry of Development N. K2- 6817/9.5.2006, the registered office of the company was transferred to the Municipality of Moschato, Attica region, and, specifically, to 9 Cyprou street and Hydras, PC 183 46, where its headquarters are located.

The Company is registered in the Registry of Societes Anonymes of the Ministry of Development, Department of Societes Anonymes and Credit, under No 7650/06/Β/86/04, while the Company's registration number at the General Electronic Commercial Registry (G.E.MI.) is 121653960000.

The Company operates in compliance with the provisions of Law 4548/2018.

The Condensed Interim Financial Statements for the period ended 30th June 2022 (01.01.2022-30.06.2022) were approved by the Board of Directors on 16th September, 2022.

Any differences in the sums are due to rounding.

2. Company's Activity

The Company's main operation is retail sale of toys, baby items, seasonal items, decoration items, books and stationery and is classified based on the STAKOD 03 bulletin of the National Statistics Service in Greece (E.S.Y.E.) within the sector "other retail trade of new items in specialized shops" (STAKOD category 525.9). A small part of its operations concerns wholesale of toys and similar items to third parties.

The Company has been listed on the Athens Exchange since 19.7.1997, and since June 2010 participates in FTSE/Athex 20 index. Based on the provisions of the Athens Exchange Regulation, the Company's shares are included in the "Main Market" category. Additionally, applying the decision made on 24.11.2005 by its Board of Directors, regarding the adoption of a model of FTSE Dow Jones Industry Classification Benchmark (ICB), as of 02.01.2006, the Athens Exchange classified the Company under the sector of financial activity Toys, which includes only the company "JUMBO".

Within 36 years of its operation, the Company has become one of the largest retail companies .

At 30.06.2022 the Company operated 82 stores in Greece, Cyprus, Bulgaria and Romania and the on line store e-jumbo in Greece and Cyprus.

Furthermore, through partnerships, as at 30.06.2022, the Company had presence in other countries through stores that operate under the Jumbo brand, in North Macedonia - five stores, Albania - seven stores, Kosovo- six stores, Serbia - four stores, Bosnia - six stores and Montenegro – two stores.

On 30th June 2022, the Group employed 6.296 persons, of whom 5.522 as permanent staff and 774 as seasonal staff. The average number of employees for the closing period, 01.01.2022 – 30.06.2022, was 5.902 persons (5.298 as permanent and 604 as seasonal staff).

3. Framework for the Preparation of Financial Statements

The attached condensed interim financial statements of the Group and of the Company (henceforth Condensed Interim Financial Statements) dated as of June 30th, 2022, for the period from January 1st 2022 to June 30th 2022 have been prepared according to the historical cost convention (except for the financial assets at fair value through other comprehensive income), the going concern principle and are in compliance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), as well as their interpretations issued by the IFRS Interpretations Committee (I.F.R.I.C.) of IASB, as adopted by the European Union, and in particular, in accordance with IAS 34 "Interim Financial Reporting" on interim condensed financial statements.

The condensed interim financial statements contain limited information in relation to those of the annual financial statements and must be read in conjunction with the annual financial statements of the Company and the Group as at 31 December 2021, which are available on the Company's website at www.e-jumbo.gr (http://corporate.e-jumbo.gr/).

The presentation currency is the Euro (currency of the country of operation of the Parent Company) and all amounts are reported in Euros, unless otherwise stated.

The preparation of financial statements according to International Financial Reporting Standards (IFRS) requires the use of accounting estimates and judgments by management in applying the Group's accounting principles. Significant assumptions made by the Management regarding the application of the Company's accounting principles and methods have been highlighted wherever deemed necessary. Management estimates and judgments are continuously evaluated and are based on empirical data and other factors, including expectations for future events considered as predictable under reasonable circumstances.

During the preparation of the condensed interim Financial Statements, the significant accounting estimates and judgments adopted by the Management for the application of the accounting principles of the Group, are consistent with those applied in the annual financial statements for the financial year 01.01.2021-31.12.2021.

The accounting principles used for the preparation of the condensed interim Financial Statements are in accordance with those used for the preparation of the annual financial statements for the financial year 01.01.2021-31.12.2021, except for the adoption of new and amended accounting standards and interpretations effective as of 1 January 2022 (See Notes 3 and 4 of the interim Financial Statements).

Also, the main sources of uncertainty, which existed during the preparation of the Financial Statements of the financial year ended 31.12.2021 remained the same for the condensed interim Financial Statements of the period ended 30.06.2022.

3.1. Changes in Accounting Policies

3.1.1 New Standards, Interpretations, Revisions and Amendments to existing Standards that are effective and have been adopted by the European Union.

The following new Standards, Interpretations and amendments of IFRSs have been issued by the International Accounting Standards Board (IASB), are adopted by the European Union, and their application is mandatory from or after 01/01/2022.

Amendments to IFRS 3 "Business Combinations", IAS 16 "Property, Plant and Equipment", IAS 37 "Provisions, Contingent Liabilities and Contingent Assets" and "Annual Improvements 2018-2020" (effective for annual periods starting on or after 01/01/2022)

In May 2020, the IASB issued a package of amendments which includes narrow-scope amendments to three Standards as well as the Board's Annual Improvements, which are changes that clarify the wording or correct minor consequences, oversights or conflicts between requirements in the Standards. More specifically:

Amendments to IFRS 3 Business Combinations update a reference in IFRS 3 to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations.
Amendments to IAS 16 Property, Plant and Equipment prohibit a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, a company will recognize such sales proceeds and related cost in profit or loss.
Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets specify which costs a company includes when assessing whether a contract will be loss-making.
Annual Improvements 2018-2020 make minor amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IAS 41 Agriculture and the Illustrative Examples accompanying IFRS 16 Leases.

The Group will examine the impact of the above on its Financial Statements, though it is not expected to have any.

3.1.2 New Standards, Interpretations and amendments to existing Standards which have not been applied yet or have not been adopted by the European Union

The following new Standards, Interpretations and amendments of IFRSs have been issued by the International Accounting Standards Board (IASB), but their application is not effective yet or they have not been adopted by the European Union.

IFRS 17 "Insurance Contracts" (effective for annual periods starting on or after 01/01/2023)

In May 2017, the IASB issued a new Standard, IFRS 17, which replaces an interim Standard, IFRS 4. The aim of the project was to provide a single principle-based standard to account for all types of insurance contracts, including reinsurance contracts that an insurer holds. A single principle-based standard would enhance comparability of financial reporting among entities, jurisdictions and capital markets. IFRS 17 sets out the requirements that an entity should apply in reporting information about insurance contracts it issues and reinsurance contracts it holds. Furthermore, in June 2020, the IASB issued amendments, which do not affect the fundamental principles introduced when IFRS 17 has first been issued. The amendments are designed to reduce costs by simplifying some requirements in the Standard, make financial performance easier to explain, as well as ease transition by deferring the effective date of the Standard to 2023 and by providing additional relief to reduce the effort required when applying the Standard for the first time. The Group will examine the impact of the above on its Financial Statements,

though it is not expected to have any. The above have been adopted by the European Union with effective date of 01/01/2023.

Amendments to IAS 1 "Presentation of Financial Statements" (effective for annual periods starting on or after 01/01/2023)

In February 2021, the IASB issued narrow-scope amendments that pertain to accounting policy disclosures. The objective of these amendments is to improve accounting policy disclosures so that they provide more useful information to investors and other primary users of the financial statements. More specifically, companies are required to disclose their material accounting policy information rather than their significant accounting policies. The Group will examine the impact of the above on its Financial Statements. The above have been adopted by the European Union with effective date of 01/01/2023.

Amendments to IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates" (effective for annual periods starting on or after 01/01/2023)

In February 2021, the IASB issued narrow-scope amendments that they clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. That distinction is important because changes in accounting estimates are applied prospectively only to future transactions and other future events, but changes in accounting policies are generally also applied retrospectively to past transactions and other past events. The Group will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have been adopted by the European Union with effective date of 01/01/2023.

Amendments to IAS 12 "Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction" (effective for annual periods starting on or after 01/01/2023)

In May 2021, the IASB issued targeted amendments to IAS 12 to specify how companies should account for deferred tax on transactions such as leases and decommissioning obligations – transactions for which companies recognise both an asset and a liability. In specified circumstances, companies are exempt from recognising deferred tax when they recognise assets or liabilities for the first time. The amendments clarify that the exemption does not apply and that companies are required to recognise deferred tax on such transactions. The Group will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have been adopted by the European Union with effective date of 01/01/2023.

Amendments to IAS 1 "Classification of Liabilities as Current or Non-current" (effective for annual periods starting on or after 01/01/2023)

In January 2020, the IASB issued amendments to IAS 1 that affect requirements for the presentation of liabilities. Specifically, they clarify one of the criteria for classifying a liability as non-current, the requirement for an entity to have the right to defer settlement of the liability for at least 12 months after the reporting period. The amendments include: (a) specifying that an entity's right to defer settlement must exist at the end of the reporting period; (b) clarifying that classification is unaffected by management's intentions or expectations about whether the entity will exercise its right to defer settlement; (c) clarifying how lending conditions affect classification; and (d) clarifying requirements for classifying liabilities an entity will or may settle by issuing its own equity instruments. Furthermore, in July 2020, the IASB issued an amendment to defer by one year the effective date of the initially issued amendment to IAS 1, in response to the Covid-19 pandemic. The Group will examine the impact of the above on its Financial Statements. The above have not been adopted by the European Union.

Amendments to IFRS 17 "Insurance contracts: Initial Application of IFRS 17 and IFRS 9 – Comparative Information" (effective for annual periods starting on or after 01/01/2023)

In December 2021, the IASB issued a narrow-scope amendment to the transition requirements in IFRS 17 to address an important issue related to temporary accounting mismatches between insurance contract liabilities and financial assets in the comparative information presented when applying IFRS 17 "Insurance Contracts" and IFRS 9 "Financial Instruments" for the first time. The amendment aims to improve the usefulness of comparative information for the users of the financial statements. The Group

will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have not been adopted by the European Union.

3.2.The Group Structure and method of consolidation

The companies included in the full consolidation of JUMBO S.A. are the following:

Parent Company:

The Societe Anonyme under the title «JUMBO SA» and the distinctive title «JUMBO» was founded in 1986, with current headquarters in Moschato, Attica region (9 Cyprus and Hydras street), has been listed since 1997 on the Athens Exchange and is registered in the Registry for Societes Anonymes of the Ministry of Development with reg. no. 7650/06/Β/86/04 while the Company's number at the General Electronic Commercial Registry (G.E.MI.) is 121653960000. The company has been classified in the Main Market category of the Athens Exchange.

Subsidiary companies:

The subsidiary company under the title «JUMBO TRADING LTD» is a Cypriot limited liability company. It was founded in 1991. Its headquarters are in Nicosia, Cyprus (Avenue Avraam Antoniou 9, Kato Lakatamia of Nicosia). It is registered in the Cyprus Companies' Register, under number Ε 44824. It operates in Cyprus and has the same objective as the Parent, which is retail trade of toys and related items. The parent company holds 100% of its shares and its voting rights.
The subsidiary company in Bulgaria under the title «JUMBO EC.B. LTD» was founded on the 1st of September 2005 as a Single-member Limited Liability Company under the Registration Number 96904, book 1291, of the First Instance Court of Sofia and according to the conditions of the Special Law, under number 115. Its headquarters are in Sofia, Bulgaria (Bul. Bulgaria 51, Sofia 1404). The parent company holds 100% of its shares and voting rights.
The subsidiary company in Romania under the title «JUMBO EC.R. S.R.L.» was founded on the 9th of August 2006 as a Limited Liability Company (srl) under Registration Number J40/7122/2013 of the Trade Register, with registered office in Bucharest, district 3, Theodor Pallady Avenue, number 51, Centrul de Calcul building 5th floor. The parent company holds 100% of its shares and voting rights.
GEOCAM HOLDINGS LIMITED is a subsidiary of JUMBO TRADING LTD which holds a 100% stake of its share capital. The company registered office is in Nicosia, of Cyprus (Avraam Antoniou 9 Avenue, Kato Lakatamia of Nicosia). The company was founded on 13.03.2015.
GEOFORM LIMITED is a subsidiary of JUMBO TRADING LTD which holds a 100% stake of its share capital. The company registered office is in Nicosia, of Cyprus (Avraam Antoniou 9 Avenue, Kato Lakatamia of Nicosia). The company was founded on 13.03.2015.
INTROSERVE PROPERTIES LIMITED is a subsidiary of JUMBO TRADING LTD which holds a 100% stake of its share capital. The company registered office is in Nicosia, of Cyprus (Avraam Antoniou 9 Avenue, Kato Lakatamia of Nicosia). The company was acquired on 19.12.2019.
INDENE PROPERTIES LIMITED is a subsidiary of JUMBO TRADING LTD which holds a 100% stake of its share capital. The company registered office is in Nicosia, of Cyprus (Avraam Antoniou 9 Avenue, Kato Lakatamia of Nicosia). The company was acquired on 19.12.2019.
INGANE PROPERTIES LIMITED is a subsidiary of JUMBO TRADING LTD which holds a 100% stake of its share capital. The company registered office is in Nicosia, of Cyprus (Avraam Antoniou 9 Avenue, Kato Lakatamia of Nicosia). The company was acquired on 19.12.2019.

PROPERTIES LIMITED

Consolidated	Percentage and	Headquarters	Activity	Consolidation
Subsidiary	Participation			method
JUMBO TRADING	100% Direct	Cyprus	Commercial	Full Consolidation
LTD
JUMBO EC.B LTD	100% Direct	Bulgaria	Commercial	Full Consolidation
JUMBO EC.R SRL	100% Direct	Romania	Commercial	Full Consolidation
GEOCAM	100% Indirect	Cyprus	Investment	Full Consolidation
HOLDINGS
LIMITED
GEOFORM	100% Indirect	Cyprus	Investment	Full Consolidation
LIMITED
INTROSERVE	100% Indirect	Cyprus	Investment	Full Consolidation
PROPERTIES
LIMITED
INDENE	100% Indirect	Cyprus	Investment	Full Consolidation
PROPERTIES
LIMITED
INGANE	100% Indirect	Cyprus	Investment	Full Consolidation

The Group companies, included in the consolidated financial statements and the consolidation method are the following:

4. Notes to the Financial Statements

4.1 Segment Reporting

The Group recognizes four geographical segments: Greece, Cyprus, Bulgaria and Romania as operating segments. The above segments are used by the Group management for internal reporting purposes. Management's strategic decisions are based on the operating results of each reported segment, which are used for the measurement of productivity.

In the segment "Greece" the Company's Management also monitors the sales from Greece to North Macedonia and Serbia based on the commercial agreement with the independent customer Veropoulos Dooel and the sales from Greece to Albania, Kosovo, Bosnia and Montenegro based on the commercial agreement with the independent customer Kid Zone Sh.p.k. The total sales of the Company to North Macedonia, Albania, Kosovo, Serbia, Bosnia and Montenegro for the period 01.01.2022-30.06.2022 reached the amount of € 9.702 k.

Results of the Group per segment for the first six months of the current financial year are as follows:

	01/01/2022-30/06/2022
(amounts in €)	Greece	Cyprus	Bulgaria	Romania	Total
Sales	286.376.616	41.796.494	32.899.578	67.535.376	428.608.064
Intragroup Sales	(73.923.201)	(141.270)	(230.261)	(308.709)	(74.603.441)
Total net sales	212.453.415	41.655.225	32.669.317	67.226.667	354.004.623
Cost of sales	(91.031.898)	(18.813.776)	(13.727.494)	(28.503.240)	(152.076.408)
Gross Profit	121.421.517	22.841.448	18.941.823	38.723.427	201.928.216
Other operating income/expenses Administrative / Distribution	(1.553.905)	173.178	455.344	719.181	(206.203)
expenses	(70.936.195)	(8.013.536)	(9.118.930)	(15.575.596)	(103.644.257)
Profit before tax, interest and investment results	48.931.417	15.001.090	10.278.237	23.867.011	98.077.757
Finance Costs, net	(2.613.845)	(209.009)	(336.630)	1.578.741	(1.580.743)
Earnings before tax	46.317.572	14.792.081	9.941.607	25.445.753	96.497.014
Depreciation and amortization	(11.305.101)	(1.870.230)	(1.879.118)	(2.649.851)	(17.704.301)

Group's results per segment for the financial period 01.01.2021- 30.06.2021 are as follows:

	01/01/2021-30/06/2021
(amounts in €)	Greece	Cyprus	Bulgaria	Romania	Total
Sales	247.779.985	33.613.044	32.843.602	72.608.953	386.845.584
Intragroup Sales	(72.494.430)	(242.783)	(192.766)	(139.053)	(73.069.031)
Total net sales	175.285.556	33.370.261	32.650.836	72.469.900	313.776.553
Cost of sales	(79.520.137)	(16.216.900)	(15.818.518)	(35.702.161)	(147.257.716)
Gross Profit	95.765.418	17.153.361	16.832.319	36.767.738	166.518.837
Other operating income/expenses Administrative / Distribution	4.611.778	570.149	(386.641)	66.869	4.862.155
expenses	(58.087.884)	(7.122.890)	(7.804.333)	(13.468.061)	(86.483.168)
Profit before tax, interest and
investment results	42.289.312	10.600.620	8.641.345	23.366.546	84.897.824
Finance Costs, net	(2.473.072)	176.826	(194.421)	(187.828)	(2.678.495)
Earnings before tax	39.816.240	10.777.446	8.446.924	23.178.719	82.219.329
Depreciation and amortization	(11.937.891)	(1.906.653 )	(1.992.332)	(2.509.702)	(18.346.578)

The allocation of consolidated assets and liabilities to business segments for the fiscal period 01.01.2022 – 30.06.2022 and the financial year 01.01.2021 – 31.12.2021 is analysed as follows:

	30/6/2022
(amounts in €)	Greece			Cyprus	Bulgaria	Romania	Total
Non-current Assets		364.608.718		106.316.166	87.913.853	152.535.568	711.374.305
Current Assets		607.515.456		187.496.873	106.834.091	143.055.543	1.044.901.962
Consolidated Assets		972.124.174		293.813.039	194.747.944	295.591.111	1.756.276.267
Non-current Liabilities		279.864.267		3.852.065	8.810.845	4.986.239	297.513.416
Current Liabilities		129.289.185		16.300.050	4.020.196	9.246.561	158.855.991
Consolidated Liabilities		409.153.452		20.152.115	12.831.041	14.232.800	456.369.408
					31/12/2021
(amounts in €)		Greece		Cyprus	Bulgaria	Romania	Total
Non-current Assets		371.825.943		109.822.795	89.844.808	144.676.499	716.170.046
Current Assets		660.502.663		168.071.908	105.760.000	146.952.308	1.081.286.878
Consolidated Assets		1.032.328.606		277.894.703	195.604.808	291.628.807	1.797.456.924
Non-current Liabilities		281.959.203		3.951.159	9.186.241	5.809.715	300.906.318
Current Liabilities		130.314.874		20.269.107	4.634.733	13.004.433	168.223.147
Consolidated Liabilities		412.274.077		24.220.266	13.820.974	18.814.148	469.129.465
Group's fixed asset additions
(amounts in €)			30/06/2022		31/12/2021
Greece Cyprus				3.592.523	25.044.091 2.366.823
Bulgaria				520.879 (382.584)	21.235
Romania			10.433.544		35.677.022
Total		14.164.361			63.109.171

The Group's main activity is retail sale of toys, infant supplies, seasonal items, home products, books and stationery.

The sales per type of product for the first half of the current fiscal year are as follows:

Sales per product type for the period 01/01/2022-30/06/2022
Product Type	Sales in €	Percentage
Toy	69.094.704	19,52%
Baby products	12.638.258	3,57%
Stationery	24.043.437	6,79%
Seasonal	68.281.512	19,29%
Home products Snacks, candies and other	148.609.920	41,98%
mini-market products	31.185.424	8,81%
Other	151.369	0,04%
Total	354.004.623	100%

The sales per type of product for the period 01.01.2021- 30.06.2021 are as follows:

Product Type	Sales in €	Percentage
Toy	65.126.550	20,76%
Baby products	12.758.115	4,07%
Stationery	20.637.970	6,58%
Seasonal	55.844.855	17,80%
Home products	137.466.318	43,81%
Snacks, candies and other mini-market products	21.934.275	6,99%
Other	8.470	0,00%
Total	313.776.553	100%

Sales per product type for the period 01/01/2021-30/06/2021

4.2 Distribution and Administrative Expenses

Distribution and administrative expenses are analysed as follows:

(amounts in euro)	THE GROUP		THE COMPANY
Distribution expenses	01/01/2022- 30/06/2022	01/01/2021- 30/06/2021	01/01/2022- 30/06/2022	01/01/2021- 30/06/2021
Provision for compensation of
personnel due to retirement	229.114	192.482	229.114	192.482
Payroll expenses	43.537.305	37.026.928	29.384.922	23.952.889
Third party expenses and fees	2.978.165	1.822.157	466.517	406.414
Services received	11.249.802	7.049.040	7.630.661	4.723.588
Assets repair and
maintenance cost	2.003.813	1.511.760	1.435.911	1.065.426
Rentals	2.656.236	2.052.809	1.714.506	1.050.970
Taxes and duties	1.670.274	1.454.575	1.038.589	807.946
Advertising	2.168.899	876.317	1.532.155	403.303
Other various expenses	5.965.807	5.300.685	5716.101	5.016.580
Packaging materials & consumables	1.952.770	1.198.747	1.538.373	978.936
Depreciation of tangible and
intangible assets	17.018.162	17.509.255	11.042.109	11.661.199
Total	91.430.346	75.994.755	61.728.957	50.259.734

(amounts in euro)		THE GROUP		THE COMPANY
	01/01/2022-	01/01/2021-	01/01/2022-	01/01/2021-
Administrative expenses	30/06/2022	30/06/2021	30/06/2022	30/06/2021
Provision for compensation of
personnel due to retirement	152.742	128.321	152.742	128.321
Payroll expenses	6.653.608	5.771.645	5.739.392	4.951.532
Third party expenses and fees	1.917.388	1.590.354	1.786.139	1.534.154
Services received	1.191.415	1.147.348	498.900	485.528
Assets repair and
maintenance cost Rentals	106.741 8.680	80.320 55.696	104.371 7.794	77.585 9.717

Taxes and duties	126.055	95.437	103.602	81.103
Advertising	10.153	9.256	10.153	9.256
Other various expenses Depreciation of tangible and	1.360.988	772.712	541.153	274.262
intangible assets	686.141	837.323	262.992	276.692
Total	12.213.911	10.488.413	9.207.238	7.828.150

4.3 Other operating income and expenses

Other operating income and expenses pertain to income or expenses from the operating activity of the Group and of the Company. Their analysis is as follows:

(amounts in €)	THE GROUP		THE COMPANY
Other operating income	01/01/2022-	01/01/2021-	01/01/2022-	01/01/2021-
	30/06/2022	30/06/2021	30/06/2022	30/06/2021
Income from related activities	2.797.697	2.266.073	2.276.199	2.131.796
Other operating income	1.398.928	4.995.859	126.528	4.297.334
Total	4.196.625	7.261.933	2.402.726	6.429.130
Other operating expenses Other provisions	4.013.825	2.010.325	3.956.632	1.817.353
Property tax	389.003	389.453	-	-
Total	4.402.828	2.399.778	3.956.632	1.817.353

"Other operating expenses" line item for the period ended on 30.06.2022 includes an amount of € 1.372.645 (01.01.2021-30.06.2021: € 1.783.593) and € 1.372.645 (01.01.2021-30.06.2021: € 1.730.592) for the Group and the Company, respectively, which pertains to losses from destruction or /and impairment of obsolete inventories.

At 30.06.2021, the Company adopted the amendments to IFRS 16 "Leases", related to the Covid-19 Lease Concessions. From the adoption of these amendments, the other revenues of the 01.01.2021- 30.06.2021 benefited by € 4.179.340 and concern institutionalized rent reductions based on KAD.

4.4 Income tax

According to Greek tax legislation, the income tax for the period 01.01.2022-30.06.2022 was calculated at the rate of 22% on profits of the parent. The income tax rate was calculated at 10% on average, on the profits of the subsidiary JUMBO EC.B. LTD in Bulgaria and at 16% on profits of the subsidiary JUMBO EC.R SRL in Romania. In respect of the subsidiary companies in Cyprus, the tax rate was 12,5%.

The provision for income taxes disclosed in the condensed interim financial statements is analysed as follows:

	THE GROUP		THE COMPANY
(amounts in €)	01/01/2022-	01/01/2021-	01/01/2022-	01/01/2021-
	30/06/2022	30/06/2021	30/06/2022	30/06/2021
Current Income tax	17.879.560	15.587.249	12.003.547	10.516.910
Deferred income tax	61.116	(66.460)	86.395	(54.631)
Deferred income tax due to change of the tax rate Total income tax	- 17.940.676	(479.750) 15.041.039	- 12.089.941	(479.750) 9.982.529

4.5 Earnings per share

Basic earnings per share THE GROUP THE COMPANY Amounts in € 01/01/2022- 30/06/2022 01/01/2021- 30/06/2021 01/01/2022- 30/06/2022 01/01/2021- 30/06/2021 Earnings attributable to the shareholders of the parent 78.556.338 67.178.290 39.734.539 35.568.730 Weighted average number of shares 136.059.759 136.059.759 136.059.759 136.059.759

The analysis of basic earnings per share for the Group and the Company is as follows:

Earnings / (losses) per share were calculated based on the allocation of profits / (losses) after tax, on the weighted average number of shares of the parent company.

Basic earnings per share (euro per share) 0,5774 0,4937 0,2920 0,2614

The Ordinary General Meeting held on May 5th, 2022, decided to start a program to acquire Company's equity shares according to article 49 et seq. of Law 4548/2018 for the purpose of their cancelation, under the following terms: a. The maximum number of shares to be acquired will not exceed 13.605.975, which represents the ten percent (10%) of the fully paid-up share capital of the Company, b. Their minimum purchase price will be one (EUR 1) euro per share and their maximum purchase price will be thirteen euros and fifty cents (EUR 13,50) per share, c. The program's period of implementation is twenty-four (24) months, i.e. from 05.05.2022 to 04.05.2024.

As at 30.06.2022 the Company or its subsidiaries had not acquired any shares of the Parent Company. Moreover, during the presented periods, there are no titles potentially convertible into shares, which could lead to dilution of the earnings per share.

4.6 Property, plant and equipment and right of use assets

a. Depreciation

Depreciation of the owned tangible assets (other than land) is calculated based on the straight-line method over their useful lives, as follows:

Buildings	30 – 35 years
Mechanical equipment	5 - 20 years
Vehicles	5 – 10 years
Other equipment	4 - 10 years
Computers and software	3 – 5 years

The depreciation of fixed assets owned by third parties and of the right-of-use assets is calculated based on the term of the related lease contracts.

b. Acquisition of Tangible Assets

The net investments for the acquisition of fixed assets for the Company for the financial year 01.01.2022- 30.06.2022 reached the amount of € 3,59 million (31.12.2021: € 25,04 million) and for the Group € 14,16 million. (31.12.2021: € 63,11 million). On 30.06.2022 the Group had contractual commitments for construction of buildings-technical works of € 13,37 million, of which the amount of € 7,32 million concerns the Company and the amount of € 6,05 - the subsidiary company in Romania, JUMBO EC.R. S.R.L.

The analysis of the Group's and Company's fixed assets is as follows: (amounts in Euro)

JUMBO S.A.	GROUP OF	COMPANIES

					THE GROUP
				Machinery -		Fixed assets		Leasehold	Leasehold	Leased means of	Total of	Total Property Plant and
Cost	Land - Freehold	Buildings and fixtures on buildings - Freehold	Transportatio n means	furniture and other equipment	Software	under construction	Total	land	buiding	transportation	leasehold fixed assets	Equipment
Net Cost as at 31/12/2020	167.582.269	352.422.661	7.382.086	29.851.416	474.664	11.521.411	569.234.513	3.909.138	107.769.804	164.716	111.843.658	681.078.168
Cost 31/12/2021	168.166.750	557.745.624	9.891.959	132.146.695	5.301.828	49.746.177	922.999.037	4.632.619	111.589.545	(36.404)	116.185.760	1.039.184.798
Accumulated depreciation	0	(207.585.608)	(2.657.981)	(106.154.614)	(4.836.152)	(55.805)	(321.290.162)	(940.936)	(22.320.461)	(102.398)	(23.363.795)
Net Cost as at 31/12/2021	168.166.750	350.160.016	7.233.978	25.992.081	465.676	49.690.373	601.708.877	3.691.683	89.269.084	(138.802)	92.821.966
Cost 30/06/2022	168.181.938	583.556.333	9.847.192	136.805.725	5.383.064	33.474.738	937.248.988	4.632.619	111.592.082	138.502	116.363.203

Accumulated depreciation Net Cost as at 30/06/2022	0 168.181.938	(215.047.633) 368.508.700	(2.802.831) 7.044.361	(110.870.514) 25.935.211	(5.334.950) 48.113	(55.805) 33.418.933	(334.111.734) 603.137.254	(1.053.192) 3.579.427	(26.597.284) 84.994.798	(146.601) (8.099)	(27.797.078) 88.566.126	(344.653.958) 694.530.840 1.053.612.191 (361.908.812) 691.703.379
							THE COMPANY

					THE GROUP
Cost	Land - Freehold	Buildings and fixtures on buildings - Freehold	Transportatio n means	Machinery - furniture and other equipment	Software	Fixed assets under construction	Total	Leasehold land	Leasehold buiding	Leased means of transportation	Total of leasehold fixed assets	Total Property Plant and Equipment





							THE COMPANY
Cost	Land - Freehold	Buildings and fixtures on buildings - Freehold	Transportation means	Machinery - furniture and other equipment	Software	Fixed assets under construction	Total	Leasehold land	Leasehold buiding	Leased means of transportation	Total of leasehold fixed assets	Total Property Plant and Equipment
Net Cost as at 31/12/2020	89.118.250	176.465.025	106.287	17.967.161	237.818	4.492.555	288.387.098	488.225	84.239.496	0	84.727.722	373.114.819
Cost 31/12/2021	89.127.908	325.064.330	492.975	95.830.069	3.757.165	9.656.882	523.929.331	571.773	85.572.432	0	86.144.205	610.073.535
Accumulated depreciation Net Cost as at 31/12/2021	0 89.127.908	(144.542.192) 180.522.138	(299.587) 193.390	(80.481.515) 15.348.554	(3.519.347) 237.818	0 9.656.882	(228.842.639) 295.086.691	(138.989) 432.784	(17.750.190) 67.822.242	0 0	(17.889.179) 68.255.026	(246.731.818) 363.341.717
Cost 30/06/2022 Accumulated depreciation	89.127.908 0	332.628.220 (148.120.188)	448.178 (258.458)	97.517.422 (84.337.716)	3.757.165 (3.985.190)	4.042.960 0	527.521.854 (236.701.551)	571.773 (166.522)	85.572.432 (21.021.125)	0 0	86.144.205 (21.187.647)	613.666.059 (257.889.198)

The Group's fixed assets movements for the year were as follows: (amounts in Euro)

The Group's fixed assets movements for the year were as follows: (amounts in Euro) THE GROUP Buildings and Machinery - Fixed assets Total of Total Property Land - Transportatio Leasehold Leasehold Leased means of Cost fixtures on buildings - furniture and other Software under Total leasehold fixed Plant and Freehold n means land buiding transportation Freehold equipment construction assets Equipment Net Cost as at 31/12/2020 167.582.269 541.072.926 9.616.605 129.374.701 5.234.492 11.521.411 864.402.408 4.568.031 122.298.246 213.689 127.079.966 - Additions 977.068 20.067.043 275.354 3.380.172 74.878 38.334.657 63.109.171 64.588 182.070 246.658 (2.405.172) (11.060.864) - Decreases - transfers (2.031.747) (373.040) (384) (10.810.771) (250.093) - Exchange differences (392.586) (1.362.597) 0 (235.138) (7.158) (109.891) (2.107.371) (80.000) (80.000) (2.187.371) Net Cost as at 31/12/2021 168.166.750 557.745.624 9.891.959 132.146.695 5.301.828 49.746.177 922.999.037 4.632.619 111.589.545 (36.404) 116.185.760 - Additions 2.213 7.759.508 12.800 5.064.274 80.970 9.706.734 22.626.499 0 0 174.906 174.906 - Decreases - transfers 17.998.501 (57.597) (413.808) 0 (25.989.235) (8.462.138) 0 (8.462.138) - Exchange differences 12.974 52.699 30 8.563 266 11.061 85.594 2.537 2.537 Net Cost as at 30/06/2022 168.181.938 583.556.333 9.847.192 136.805.725 5.383.064 33.474.738 937.248.988 4.632.619 111.592.082 138.502 116.363.203 Depreciation Net Cost as at 31/12/2020 0 (188.650.265) (2.234.519) (99.523.285) (4.759.829) 0 (295.167.898) (658.893) (14.528.443) (48.973) (15.236.308) - Additions (19.465.101) (423.499) (6.777.779) (82.183) (56.116) (26.804.678) (282.044) (8.864.305) (53.425) (9.199.774) - Decreases - transfers 319.955 18.215 384 338.554 1.057.948 1.057.948 - Exchange differences 209.803 37 128.235 5.475 312 343.861 14.338 14.338 Net Cost as at 31/12/2021 0 (207.585.608) (2.657.981) (106.154.614) (4.836.152) (55.805) (321.290.162) (940.936) (22.320.461) (102.398) (23.363.795) (13.171.463) (4.432.696) - Additions 0 (7.454.553) (186.422) (5.031.878) (498.610) 0 (112.256) (4.276.237) (44.203) - Decreases - transfers 0 2 41.575 320.473 0 362.051 0 - Exchange differences 0 (7.473) (3) (4.495) (189) (12.160) (585) (585)



										991.482.374
										63.355.829
										(13.466.032)
										1.039.184.798

										22.801.405
										88.130
										1.053.612.191

										(310.404.206)
										(36.004.452)
										1.396.503
										358.199
										(344.653.958)
										(17.604.160)
										362.051
Net Cost as at 30/06/2022 0 (215.047.633)	(2.802.831)	(110.870.514)	(5.334.950)	(55.805)	(334.111.734)	(1.053.192)	(26.597.284)	(146.601)	(27.797.078)	(12.745) (361.908.811)

Depreciation

JUMBO S.A.	GROUP	OF COMPANIES
The Company's fixed assets movements for the year were as follows: (amounts in Euro)
					THE COMPANY
	Land - Freehold	Buildings and fixtures on buildings -	Transportation means	Machinery - furniture and other equipment	Software	Fixed assets under construction	Total	Leasehold land	Leasehold buiding	Leased means of transportation	Total of leasehold fixed assets	Total Property Plant and Equipment
Net Cost as at 31/12/2020	89.118.250	Freehold 309.270.879	349.675	94.225.299	3.757.165	4.492.555	501.213.823	571.773	96.201.133	0	96.772.906	597.986.729
- Additions - Decreases - transfers	9.658	17.825.198 (2.031.747)	143.300	1.901.608 (296.837)		5.164.327	25.044.091 (2.328.583)		182.070 (10.810.771)		182.070 (10.810.771)	25.226.161 (13.139.353)
- Exchange differences Net Cost as at 31/12/2021	89.127.908	325.064.330	492.975	95.830.069	3.757.165	9.656.882	0 523.929.331	571.773	85.572.432	0	0 86.144.205	0 610.073.535
- Additions - Decreases - transfers		7.564.704 (815)	12.800 (57.597)	1.717.197 (29.845)		865.108 (6.479.030)	10.159.809 (6.567.287)				0 0	10.159.809 (6.567.287)
- Exchange differences Net Cost as at 30/06/2022	89.127.908	332.628.220	448.178	97.517.422	3.757.165	4.042.960	527.521.854	571.773	85.572.432	0	86.144.205	613.666.059

Depreciation Net Cost as at 31/12/2020	0	(132.805.853)	(243.390)	(76.258.137)	(3.519.347)	0	(212.826.725)	(83.548)	(11.961.636)	0	(12.045.184)	(224.871.909)
- Additions - Decreases - transfers		(12.056.294) 319.955	(56.197)	(4.230.233) 6.856			(16.342.725) 326.811	(55.442)	(6.846.501) 1.057.948		(6.901.943) 1.057.948	(23.244.668) 1.384.760
- Exchange differences Net Cost as at 31/12/2021	0	(144.542.192)	(299.587)	(80.481.515)	(3.519.347)	0	0 (228.842.640)	(138.989)	(17.750.190)	0	0 (17.889.179)	0 (246.731.818)
- Additions - Decreases - transfers		(3.577.998) 2	(446) 41.575	(3.862.204) 6.002	(465.844)		(7.906.492) 47.580	(27.533)	(3.270.935)		(3.298.468) 0	(11.204.960) 47.580
- Exchange differences	0	(148.120.188)	(258.458)	(84.337.716)	(3.985.190)	0	0 (236.701.551)	(166.522)	(21.021.125)	0	(21.187.647)	(257.889.198)

- Exchange differences				0

c. Liens on fixed assets

As at 30.06.2022, there are no liens on the Group and the Company's tangible fixed assets or investment property.

4.7 Investment property (leased properties)

The Group designated as investment property, investments in real estate buildings and land or part of them which can be valued separately and constitute a significant part of the building or land under exploitation. The Group measures those investments at cost less any impairment losses and depreciation.

Summary information regarding those investments is as follows:

(amounts in €) Location of asset	Description – operation of asset	Rental Income
		01/01/2022- 30/06/2022	01/01/2021- 30/06/2021
Thessaloniki port	An area of 6.422,17 sq. m. (parking space for 198 vehicles) on the first floor of a building
		28.768	9.589
Rentis	Retail Shop	12.405	-
Total		41.173	9.589

None of the subsidiaries had any investment properties until 30.06.2022.

The net book value of those investments for the Group and the Company is analyzed as follows:

(amounts in €)	Investment Property (buildings)
Cost 31/12/2021	6.014.505
Accumulated depreciation	(3.942.301)
Net Book Value as at 31/12/2021	2.072.204

Cost 30/06/2022	6.014.505
Accumulated depreciation	(4.042.443)
Net Book Value as at 30/06/2022	1.972.062

Movements in the account for the year are as follows:

(amounts in €) Cost	Investment Property (buildings)
Balance as at 31/12/2021	6.014.505
- Additions	-
- Decreases – transfers	-
Balance as at 30/06/2022	6.014.505
Depreciation
Balance as at 31/12/2021	(3.942.301)
- Additions	(100.142)
- Decreases – transfers	-
Balance as at 30/06/2022	(4.042.443)

According to valuations performed by an independent valuator, the fair values are not materially different from the ones recorded in the Company's books regarding those assets.

4.8 Investments in subsidiaries

The balance of the account of the parent company is analyzed as follows: (amounts in €)

Company	Head offices	% of Investment	Amount of participation
JUMBO TRADING LTD	Avraam Antoniou 9- 2330 Kato Lakatamia Nicosia - Cyprus	100%	11.074.190
JUMBO EC.B LTD	Sofia, Bu.Bulgaria 51-Bulgaria	100%	31.776.075
JUMBO EC.R SRL	Bucharest (administrative area 3, B-dul Theodor Pallady, number.51, building Centrul de Calcul, 5th floor ) – Romania	100%	93.908.540
			136.758.805

The change of the investments in subsidiaries is as follows:

(amounts in €)	30/06/2022	31/12/2021
Opening Balance	157.095.493	157.095.493
Share Capital Increase of subsidiaries	-	-
Share Capital Decrease of subsidiaries	(20.336.688)	-
Closing Balance	136.758.805	157.095.493

In the separate financial statements, investments in subsidiaries are measured after initial recognition at their acquisition cost which is the fair value of the consideration less direct costs related to the acquisition of the investment, less any impairment losses that may arise.

The Board of Directors of the parent company "JUMBO S.A." decided, during the meeting held on 12 November 2021, to decrease the share capital of the Bulgarian subsidiary company "JUMBO EC. B L.T.D." by the amount of EUR 20,34 mil. through reduction of the nominal value from 41 Leva / share to 25 Leva / share and return of that capital to the parent company. The above share capital decrease was completed on April 2022 and currently, the share capital of the subsidiary amounts to € 31,78 million.

4.9 Financial instruments per category

The financial assets per category are as follows:

THE GROUP

		30/06/2022				31/12/2021
Amounts in €	Financial instruments at fair value through other comprehensive income	Financial instruments at fair value through profit or loss	Financial instruments at amortized cost	Total	Financial instruments at fair value through other comprehensive income	Financial instruments at fair value through profit or loss	Financial instruments at amortized cost	Total
Financial Assets
Financial instruments at
fair value through other comprehensive
income	9.735.833	-	-	9.735.833	12.068.019	-	-	12.068.019
Long term restricted
bank accounts Trade debtors and	-	-	900.000	900.000	-	-	900.000	900.000
other trade receivables	-	-	7.419.425	7.419.425	-	-	6.905.692	6.905.692
Other Receivables	-	-	26.956.149	26.956.149	-	-	10.948.768	10.948.768
Short term restricted
bank accounts	-	-	9.222.163	9.222.163	-		12.813.648	12.813.648
Other current financial assets	-	-	272.226.000	272.226.000	-		220.500.000	220.500.000
Cash and cash
equivalents	-	-	439.676.591	439.676.591		-	604.817.112	604.817.112
Financial Assets	9.735.833	-	756.400.328	766.136.161	12.068.019	-	856.885.221	868.953.240

The table above includes, per category, only the financial assets under the relevant definitions provided by the IFRS. Therefore, the above analysis may differ, from case to case, from the related financial statement line items presented in the Financial Statements.

THE COMPANY

	30/06/2022			31/12/2021
Amounts in €	Financial instruments at fair value through other comprehensive income	Financial instruments at fair value through profit or loss	Financial instruments at amortized cost	Total	Financial instruments at fair value through other comprehensive income	Financial instruments at fair value through profit or loss	Financial instruments at amortized cost	Total
Financial Assets Trade debtors and other
trade receivables	-	-	32.165.342	32.165.342	-	-	42.055.240	42.055.240
Other Receivables Other current financial	-	-	18.810.653	18.810.653	-	-	8.048.665	8.048.665
assets			200.000.000	200.000.000			220.500.000	220.500.000
Cash and cash equivalents	-	-	130.444.293	130.444.293	-	-	229.540.467	229.540.467
Financial Assets	-	-	381.420.288	381.420.288	-	-	500.144.372	500.144.372

		THE GROUP
	30/06/2022	31/12/2021
Amounts in €	Other Financial Liabilities (at amortized cost)	Other Financial Liabilities (at amortized cost)
Financial Liabilities
Other long term liabilities	1.857.591	-
Trade and other payables	38.615.051	41.911.990
Loans	199.688.285	199.519.305
Other current liabilities	36.890.875	43.118.037
Lease liabilities	85.986.279	89.473.058
	363.038.081	374.022.390
	THE COMPANY
	30/06/2022	31/12/2021
Amounts in €	Other Financial Liabilities (at amortized cost)	Other Financial Liabilities (at amortized cost)
Financial Liabilities
Other long term liabilities	34.997	-
Trade and other payables	37.472.463	39.611.929
Loans	199.688.285	199.519.305
Other current liabilities	22.511.579	23.584.759
Lease liabilities	68.502.901	71.319.640
	328.210.225	334.035.633

The tables above include, as far as both – the Group and the Company are concerned – per category, only the financial liabilities under the relevant definitions provided by the IFRS. Therefore, the above analysis may differ, from case to case, from the related financial statement line items presented in the Financial Statements.

4.9.1 Financial instruments at fair value through other comprehensive income

The financial assets at fair value through other comprehensive income are presented in the below table:

Financial assets at fair value through other comprehensive income
Amounts in €	THE GROUP
	30/06/2022	31/12/2021
Investments in shares of listed companies	2.700.772	2.820.511
Bonds	7.035.061	9.247.508
Total financial assets at fair value through other comprehensive income	9.735.833	12.068.019

Movements during the period:	THE GROUP
Amounts in €	30/06/2022	31/12/2021
Opening balance	12.068.019	5.950.330
Additions	-	8.988.552
Sale of bonds	-	(4.220.000)
Gains/(losses) on measurement of financial assets at fair
value through other comprehensive income	(2.332.186)	1.349.138
Closing Balance	9.735.833	12.068.019

4.9.2 Fair value of financial instruments

The table below presents the financial instruments measured at fair value in the statement of financial position, in a fair value measurement hierarchy. According to the fair value measurement hierarchy, financial assets and liabilities are grouped into three levels based on the significance of data inputs used for the measurement of their fair value. The fair value hierarchy has the following three levels:

Level 1: quoted prices in an active market for identical assets or liabilities.

Level 2: inputs other than Level 1 that are observable for the financial assets or liabilities either directly (e.g. market price) or indirectly (e.g. arising from market prices) and

Level 3: inputs for assets or liabilities that are not based on observable market data (unobservable inputs).

The level within each financial asset or liability is categorized is determined based on the lowest level of significance of the data inputs used for the measurement of their fair value.

Financial assets and liabilities measured at fair value in the statement of financial position are categorized in the fair value hierarchy as follows:

	THE GROUP Valuation at fair value at the end of the fiscal year using:
Amounts in €
	30/06/2022	Level 1	Level 2	Level 3
Description
-Bonds	7.035.061	7.035.061	-	-
-Shares	2.700.772	2.700.772	-	-
Total assets at fair value	9.735.833	9.735.833	-	-
	THE GROUP
Amounts in €	Valuation at fair value at the end of the fiscal year using:
	31/12/2021	Level 1	Level 2	Level 3
Description
-Bonds	9.247.508	9.247.508	-	-
-Shares	2.820.511	2.820.511	-	-
Total assets at fair value	12.068.019	12.068.019	-	-

Listed bonds are valued at the closing price on the reporting date. As at 30.06.2022, given the bonds valuation, a loss of € 2.212.446 has been recorded in the statement of comprehensive income in the condensed interim Financial Statements.

Listed shares are valued at their closing price at the reporting date.

After the issuance and listing of the shares of Bank of Cyprus Holdings Public Limited Company on the London Stock Exchange and the Cyprus Stock Exchange, Jumbo Trading LTD holds a total of 2.660.859 shares of Bank of Cyprus Holdings Public Limited Company (BOC Holdings). The closing share price as at 30.06.2022 was € 1,015 and the shares valuation gave rise to a loss of € 119.739, recorded in the statement of comprehensive income in the condensed interim Financial Statements.

4.10 Other long term receivables

The balance of the account is analysed as follows:

	THE GROUP		THE COMPANY
Other long term receivables	30/06/2022	31/12/2021	30/06/2022	31/12/2021
(amounts in euro)
Guarantees	6.694.572	6.194.841	6.570.554	6.087.098
Prepaid expenses	368.459	404.141	289.242	324.924
Total	7.063.031	6.598.982	6.859.796	6.412.022

The total amount included in «Guarantees» line item relates to long term lease guarantees and guarantees to public benefit organizations, which will be collected or returned after the end of the next financial year.

4.11 Trade debtors and other trade receivables

The Company has established criteria for providing credit to clients which are generally based on the size of the customer's activities and an assessment of the relevant financial information. At each reporting date all overdue or doubtful debts are reviewed so that it is decided whether it is necessary or not to make a relevant provision for doubtful debts. Any write-off of trade debtors' balances is charged against the existing provision for doubtful debts. The credit risk arising from trade debtors and cheques receivable is limited, given that it is certain that the amounts will be collected and appropriately capitalized.

Analysis of trade debtors and other trade receivables is as follows:

Trade Debtors and other trade receivables	THE GROUP		THE COMPANY
(amounts in euro)	30/06/2022	31/12/2021	30/06/2022	31/12/2021
Customers	6.046.766	5.550.219	30.792.683	40.699.767
Cheques receivable	1.533.129	1.515.943	1.533.129	1.515.943
Less: Impairment Provisions	(160.470)	(160.470)	(160.470)	(160.470)
Net trade Receivables	7.419.425	6.905.692	32.165.342	42.055.240
Advances for inventory
purchases	35.962.667	41.427.319	35.962.667	41.427.319
Less: Impairment Provisions	(17.972)	(17.972)	(17.972)	(17.972)
Total	43.364.120	48.315.039	68.110.038	83.464.587

All the amounts of the above receivables are short-term. The carrying amount of the trade receivables is considered to be approximately equal to their fair value. The total net trade receivables does not include overdue receivables beyond the credit period granted by the Group's management for these receivables.

4.12 Other receivables

Other receivables are analyzed as follows:

THE GROUP		THE COMPANY
Other receivables	30/06/2022	31/12/2021	30/06/2022	31/12/2021
(amounts in euro)
Sundry debtors	4.573.843	4.122.233	4.136.776	3.896.082
Receivables from the State	28.693.695	28.549.817	28.278.391	28.093.878
Other receivables	24.019.366	8.463.595	16.310.936	5.789.643
Less: Impairment Provisions	(1.637.059)	(1.637.059)	(1.637.059)	(1.637.059)
Net receivables	55.649.845	39.498.585	47.089.044	36.142.543

As shown in the above table, the total amount of other receivables includes receivables of the Group:

a) From other receivables, pertaining mostly to receivables of the parent company from advance payments of rentals.

b) From amounts owed to the parent company and subsidiaries by the State in connection with advance payment of income tax.

c) From sundry debtors deriving from advances to accounts for debtors (such as custom clearers), advances to personnel, insurance receivables.

4.13 Other current assets

Other current assets pertain to the following:

	THE GROUP		THE COMPANY
Other current assets	30/06/2022	31/12/2021	30/06/2022	31/12/2021
(amounts in euro)
Prepaid expenses Accrued income Discounts on purchases	2.567.300 245.417	854.378 253.333	800.851 245.417	108.092 253.333
under settlement	-	105.939	-	105.939
Total	2.812.717	1.213.651	1.046.268	467.364

Other current assets mostly pertain to prepaid expenses as well as accrued financial income.

4.14 Long term and short term restricted bank deposits

Amounts in €	THE GROUP		THE COMPANY
Restricted bank deposits	30/06/2022	31/12/2021	30/06/2022	31/12/2021
Long Term restricted bank deposits	900.000	900.000	-	-
Short Term restricted bank deposits	9.222.163	12.813.648	-	-
Total	10.122.163	13.713.648	-	-

The amount of € 900.000 on 30.06.2022 concerns a collateral in the form of restricted bank deposits to secure bank overdrafts of the subsidiary company JUMBO TRADING LTD.

The amount of € 9.222.163 concerns the balance of the liability from the acquisition of Introserve Properties Ltd, Indene Properties Ltd & Ingane Properties Ltd, which will be repaid by securing all the relevant licenses.

4.15 Other current financial assets

(amounts in euro)		THE GROUP	THE COMPANY
Other current financial assets	30/06/2022	31/12/2021	30/06/2022	31/12/2021
Sight and time deposits over
3-month period	272.226.000	220.500.000	200.000.000	220.500.000
Total	272.226.000	220.500.000	200.000.000	220.500.000

Bank deposits of a maturity exceeding 3 months are classified as other current financial assets. These cash deposits are highly liquid, readily convertible into cash without being subject to a significant risk of change in their value or giving rise to a significant cost, in the event of an early termination before the end of the contractual period.

4.16 Cash and cash equivalents

		THE GROUP THE COMPANY
Cash and cash equivalents	30/06/2022	31/12/2021	30/06/2022	31/12/2021
(amounts in euro)
Cash in hand	3.729.127	3.296.796	2.273.157	2.266.147
Bank overdraft	9.203.525	14.715.723	9.203.525	14.715.723
Sight and time deposits	426.743.938	586.804.593	118.967.611	212.558.596
Total	439.676.591	604.817.112	130.444.293	229.540.467

Time deposits pertain to short term investments of high liquidity. The interest rate for time deposits for the Group fluctuated from 0% up to 7%, while for sight deposits it varied from (0,25%) to zero levels.

4.17 Equity 4.17.1.Share capital

(amounts in euro except from shares)	Number of shares	Nominal share value	Value of ordinary shares (Share Capital)
Balance as at December 31st 2021	136.059.759	0,88	119.732.588
Changes during the financial year	-	-	-
Balance as at June 30th 2022	136.059.759	0,88	119.732.588

4.17.2 Share Premium and other reserves

The analysis of share premium and other reserves as at 30.06.2022 is as follows:

THE GROUP

(amounts in euro)	Share premium	Legal reserve	Fair value reserve Tax free reserves		Extraordinary reserves	Special reserves	Total of other reserves	Total
Balance at January 1st 2021	49.995.207	53.786.617	(8.119.363)	1.797.944	414.145.253	(2.678.006)	458.932.445	508.927.652
Movements during the financial year	-		- 1.440.966	-	10.233.986	(933.054)	10.741.897	10.741.897
Balance at 31st December 2021	49.995.207	53.786.617	(6.678.397)	1.797.944	424.379.239	(3.611.060)	469.674.342	519.669.549
Movements during the period	-		- (2.332.186)	-	13.233.977	-	10.901.791	10.901.791
Balance at 30th June 2022	49.995.207	53.786.617	(9.010.583)	1.797.944	437.613.216	(3.611.060)	480.576.133	530.571.340

THE COMPANY

(amounts in euro)	Share premium	Legal reserve	Tax free reserves	Extraordinary reserves	Special reserves	Total of other reserves	Total
Balance at January 1st 2021	49.995.207	53.786.617	1.797.944	414.145.253	(2.669.547)	467.060.267	517.055.474
Movements during the financial year	-		- -	10.233.986	(927.321)	9.306.664	9.306.664
Balance at 31st December 2021	49.995.207	53.786.617	1.797.944	424.379.239	(3.596.868)	476.366.931	526.362.138
Movements during the period	-		- -	13.233.977	-	13.233.978	13.233.978
Balance at 30th June 2022	49.995.207	53.786.617	1.797.944	437.613.216	(3.596.868)	489.600.909	539.596.116

4.18 Long term loan liabilities

The long term loan liabilities of the Group and the Company are analyzed as follows:

Loans	THE GROUP		THE COMPANY
(amounts in euro)	30/06/2022	31/12/2021	30/06/2022	31/12/2021
Long term loan liabilities
Bond loan non-convertible to shares	199.688.285	199.519.305	199.688.285	199.519.305
Total	199.688.285	199.519.305	199.688.285	199.519.305

Common Bond Loan

On August 6, 2018, a Common Bond Loan agreement of eight year maturity regarding a maximum amount of up to € 200 million was signed between the parent company and a credit institution and the issue was finalized in November 2018. The interest rate on the loan was set at six month EURIBOR plus a spread of 2,75% while in November 2019 the spread was reduced to 1,95%. The purpose of the above loan was to refinance the common bond loan of € 145 million, issued on 21.05.2014, as well as to finance the company's capital expenditures.

The maturity of long term loans is analyzed as follows:

		THE GROUP		THE COMPANY
(amounts in euro)	30/06/2022	31/12/2021	30/06/2022	31/12/2021
From 1 to 2 years	-	-	-	-
From 2 to 5 years	199.688.285	199.519.305	199.688.285	199.519.305
After 5 years	-	-	-	-
	199.688.285	199.519.305	199.688.285	199.519.305

4.19 Long and Short term lease liabilities

The lease liabilities for the following years are analyzed as follows:

	THE GROUP		THE COMPANY
(amounts in euro)	30/06/2022	31/12/2021	30/06/2022	31/12/2021
Short term lease liabilities	7.477.639	7.560.414	5.725.109	5.739.805
Long term lease liabilities (Between 1 year and 5 years) Long term lease liabilities (More	30.534.152	29.915.287	23.454.682	23.241.663
than 5 years)	47.974.488	51.997.358	39.323.111	42.338.172
Total lease liabilities	85.986.279	89.473.058	68.502.901	71.319.640

(amounts in euro)	THE GROUP		THE COMPANY
Minimum future payments on 30/06/2022	Minimum future payments	Net present value	Minimum future payments	Net present value
Up to 1 year	9.804.924	7.477.639	7.832.299	5.725.109
Between 1 year and 5 years	38.037.934	30.534.152	30.039.567	23.454.682
More than 5 year	54.503.141	47.974.488	43.998.486	39.323.111
Total of Minimum future payments Minus: Amounts that	102.345.998	85.986.279	81.870.351	68.502.901
represent finance costs	(16.359.719)		(13.367.450)
	85.986.279	85.986.279	68.502.901	68.502.901

(amounts in euro)	THE GROUP		THE COMPANY
Minimum future payments on 31/12/2021	Minimum future payments	Net present value	Minimum future payments	Net present value
Up to 1 year	9.896.817	7.560.414	7.938.808	5.739.805
Between 1 year and 5
years	37.781.431	29.915.287	30.200.412	23.241.662
More than 5 year	59.517.513	51.997.358	47.670.470	42.338.172
Total of Minimum future payments	107.195.761	89.473.058	85.809.690	71.319.640
Minus: Amounts that
represent finance costs	(17.722.702)	-	(14.490.050)	-
	89.473.058	89.473.058	71.319.640	71.319.640

The incremental borrowing rate determined for leases is at 3,25% for the Company and from 1,74% to 4,10% for the Group.

4.20 Other long term liabilities

The Group and the Company's other long term liabilities are analyzed as follows:

(amounts in euro)		THE GROUP		THE COMPANY
Liabilities to creditors	30/06/2022	31/12/2021	30/06/2022	31/12/2021
Opening balance	-	675.153	-	-
Additions	-	-	-	-
Reductions	-	(675.153)	-	-
Total	-	-	-	-
Guarantees obtained
Opening balance	2.454.755	45.294	34.997	30.272
Additions	313.005	2.431.950		4.725
Reductions	(910.169)	(22.490)	-	-
Total	1.857.591	2.454.755	34.997	34.997
Total	1.857.591	2.454.755	34.997	34.997

4.21 Deferred tax liabilities

Deferred tax liabilities as deriving from temporary tax differences are as follows:

(amounts in euro)			THE GROUP
Deferred tax liabilities / (assets)	Balance as at 01/01/2022	Tax recognized in other comprehensive income	Impact from the change of the tax rate	Tax recognized in the income statement	Balance as at 30/06/2022
Non-current assets
Tangible assets	8.555.931	-	-	207.132	8.763.063
Right-of-use assets	(703.896)	-	-	(131.260)	(835.156)
Long term liabilities
Provisions	(6.211)	-	-	(99.381)	(105.592)
Employee benefits	(2.860.486)	-	-	(37.175)	(2.897.661)
Liabilities IFRS 16	-	-	-	-	-
Long term loans	105.753	-	-		105.753
Short- term liabilities
Other short- term liabilities	(294.172)	-	-	121.801	(172.371)
	4.796.919	-	-	61.117	4.858.036

Deferred tax liabilities / (assets)	Balance as at 01/01/2021	Tax recognized in other comprehensive income	Tax recognized in Equity	Tax recognized in the income statement	Balance as at 31/12/2021
Non-current assets
Tangible assets	9.219.294	-	(751.803)	88.440	8.555.931
Right-of-use assets	(525.060)	-	41.688	(220.524)	(703.896)
Long term liabilities
Provisions	(9.761)	-	-	3.550	(6.211)
Employee benefits	(2.820.082)	(171.486)	212.974	(81.894)	(2.860.486)
Long- term loans	127.150	-	(10.596)	(10.801)	105.753
Short- term liabilities
Other short- term liabilities	(359.992)	-	27.987	37.833	(294.172)
	5.631.550	(171.486)	(479.750)	(183.396)	4.796.919

(amounts in euro) THE GROUP

For the Company, the respective accounts are analyzed as follows:

(amounts in euro)	THE COMPANY
Deferred tax liabilities / (assets)	Balance as at 01/01/2022	Tax recognized in other comprehensive income	Impact from the change of the tax rate	Tax recognized in the income statement	Balance as at 30/06/2022
Non-current assets
Tangible assets	8.358.269	-	-	207.132	8.565.401
Right-of-use assets	(643.638)	-	-	(105.981)	(749.618)
Long term liabilities
Employee benefits	(2.839.895)	-	-	(99.381)	(2.939.276)
Long- term loans	105.753	-	-	(37.175)	68.578
Short- term liabilities
Other short- term liabilities	(270.020)	-	-	121.801	(148.219)
	4.710.471	-	-	86.395	4.796.865

(amounts in euro) THE COMPANY

Deferred tax liabilities / (assets)	Balance as at 01/01/2021	Tax recognized in other comprehensive income	Tax recognized in Equity	Tax recognized in the income statement	Balance as at 31/12/2021
Non-current assets
Tangible assets	9.021.632	-	(751.803)	88.440	8.358.269
Right-of-use assets	(500.254)	-	41.688	(185.072)	(643.638)
Long term liabilities
Employee benefits	(2.800.624)	(171.486)	212.974	(80.760)	(2.839.895)
Long- term loans	127.150	-	(10.596)	(10.801)	105.753
Short- term liabilities
Other short- term liabilities	(335.840)	-	27.987	37.833	(270.020)
	5.512.066	(171.486)	(479.750)	(150.359)	4.710.471

4.22 Trade and other payables

The balance of the account is analyzed as follows:

		THE GROUP	THE COMPANY
Trade and other payables	30/06/2022	31/12/2021	30/06/2022	31/12/2021
(amounts in euro)
Suppliers	14.107.659	11.542.020	12.972.444	9.248.649
Notes payable & promissory notes	201.173	643.515	201.173	643.515
Cheques payable	24.306.220	29.726.455	24.298.846	29.719.765
Advances from customers	130.200	271.047	129.029	22.997.362
Total	38.745.251	42.183.037	37.601.492	62.609.291

4.23 Current tax liabilities

The analysis of tax liabilities is as follows:

	THE GROUP		THE COMPANY
Current tax liabilities	30/06/2022	31/12/2021	30/06/2022	31/12/2021
(amounts in euro)
Income tax Liabilities	63.170.020	51.784.111	58.694.264	49.915.747
Other taxes liabilities	11.906.397	22.838.592	4.149.100	10.455.233
Total	75.076.417	74.622.703	62.843.364	60.370.980

Deferred tax is not included in current tax liabilities.

4.24 Other short term liabilities

Other short term liabilities are analyzed as follows:

	THE GROUP		THE COMPANY
Other short term liabilities	30/06/2022	31/12/2021	30/06/2022	31/12/2021
(amounts in euro)
Fixed assets suppliers	3.547.787	3.862.059	995.665	1.260.830
Salaries payable to personnel	3.030.382	3.833.230	1.701.634	2.384.994
Sundry creditors	24.890.619	28.533.246	15.410.434	14.899.746
Social security liabilities	3.061.148	4.784.493	2.252.775	3.669.014
Interest coupons payable	31.535	31.535	31.535	31.535
Dividends payable	182.977	133.090	182.977	133.090
Accrued expenses	1.927.373	1.832.393	1.844.873	1.113.864
Other liabilities	219.053	107.991	91.686	91.686
Total	36.890.875	43.118.037	22.511.579	23.584.759

4.25 Cash flows from operating activities

	THE GROUP		THE COMPANY
(amounts in euro)	30/06/2022	30/06/2021	30/06/2022	30/06/2021
Cash flows from operating activities
Profit Before Tax	96.497.014	82.219.329	51.824.481	45.551.259
Adjustments for:
Depreciation of tangible/ intangible assets	17.704.301	18.346.578	11.305.102	11.937.891
Pension liabilities provisions (net)	451.732	320.804	451.732	320.804

SIX-MONTH FINANCIAL REPORT for the period from 1st January 2022 to 30th June 2022 57

(Profit)/ loss from sales and destruction of
tangible and intangible assets	(2.430)	2.131	(3.765)	885
Other provisions	(237.724)	-	(146.708)	-
Interest and related income	(3.590.544)	(2.148.686)	(1.437.797)	(1.612.816)
Interest and related expenses	4.732.548	4.827.464	4.051.643	4.085.888
Operating profit before working capital
changes	115.554.896	103.567.620	66.044.686	60.283.911
Changes in working capital
(Increase)/ decrease in inventories (Increase)/ decrease in trade and other	(67.724.239)	36.258.122	(60.082.813)	34.997.166
receivables (Increase)/ decrease in other current	4.015.562	2.483.467	15.354.550	1.720.871
assets Increase/ (decrease) in liabilities	(17.352.745)	16.840.824	(11.822.674)	15.523.771
(excluding bank loans)	(19.446.880)	(18.063.115)	(31.333.404	(7.891.492)
	(100.508.301)	37.519.299	(87.884.340)	44.350.317
Cash flows from operating activities	15.046.596	141.086.919	(21.839.654)	104.634.228

The Company and the Group classify bank deposits with a maturity of more than 3 months as "other current financial assets ". These deposits are highly liquid, readily convertible into cash without being subject to a significant risk of change in their value or giving rise to a significant cost in the event of a premature termination before the end of the contract period. For this reason, they are included in a distinct line in the cash flows of the Company and of the Group, as they are considered as directly available.

4.26 Contingent Liabilities / Contingent Assets

Contingent liabilities

In the closing period, the Group has granted letters of guaranty to third parties as security for liabilities of € 23 k. (01.01.2021: € 23 k). This amount concerns the Company.

The non-cancellable lease agreement as of 8.7.2011, as amended on 6.7.2012, which concerns the lease of property by the Bulgarian subsidiary "JUMBO ECB Ltd", provides that the lease initially expires on May 28, 2023, while the lessee has undertaken the obligation to extend the initial duration of the lease for an additional twelve (12) years, i.e. until 28 May 2035. The third contracting Cypriot subsidiary of the JUMBO TRADING Ltd Group has provided a guarantee for the good-faith compliance of JUMBO ECB Ltd with its lessee's obligations, deriving from this lease agreement.

Specifically, the potential obligations assumed by JUMBO TRADING Ltd as guarantor and co-debtor under this contract against the obligations of the lessee JUMBO ECB Ltd, include on 30 June 2022:

Guarantees of a total value up to the amount of € 1.583.000 plus VAT for ensuring the payment of the remaining current lease obligations until the initial expiration date of the contract (i.e. until 28 May 2023), in case the lessee - JUMBO ECB Ltd - does not proceed with the payment.
Guarantee of a total value of € 10.125.000, without VAT, in case JUMBO ECB Ltd does not extend the lease contract in 2023, so the latter has the contractual obligation to purchase the leased store and the property, over which the store is constructed, for an agreed price of € 13.500.000 without VAT, payable either full in cash or as follows: a) the amount of € 3.375.000, without VAT, at the time of signing the acquisition contract in 2023 and b) the remaining amount of € 10.125.000, in three equal annual installments of € 3.375.000 each, payable on June 30, 2024, 2025 and 2026 respectively. JUMBO TRADING Ltd undertakes the obligation to pay the installments of the remaining amount of € 10.125.000, in case JUMBO ECB Ltd cannot cover those payments.
Guarantees of a total value up to the amount of € 7.200.000 plus VAT, in the event that in 2023 JUMBO ECB Ltd renews the lease contract until 28 May 2035, to secure the payment of the lease obligations until the new termination date of the contract, if the lessee JUMBO ECB Ltd does not proceed with the payment.
Guarantee of a total value of € 10.125.000, without VAT, in case that during the entire contractual, initial or by extension, duration of the lease, Mr. Apostolos Vakakis ceases to be an executive member of

the Board of the parent company JUMBO SA, so the lessee JUMBO ECB Ltd is obliged to purchase the leased store and the property on which it is constructed for an agreed price of € 13.500.000, before the corresponding VAT, payable either full in cash or as follows: a) amount of € 3.375.000, before VAT, at the time of signing the acquisition contract (b) the remaining amount of € 10.125.000, in three equal annual installments of € 3.375.000 each, payable on 30 June of the following years after the purchase. JUMBO TRADING Ltd undertakes the payment of the installments of the remaining amount of € 10.125.000, in case JUMBO ECB Ltd cannot cover those payments.

Guarantee of a total value of € 3.533.333 for the good execution of a lease contract of the subsidiary company JUMBO ROMANIA SRL.

Contingent Assets

As at 30.06.2022 , the Group on held letters of guarantee for good execution of agreements amounting to € 20 million, that are analyzed as follows:

A letter of guarantee amounting to € 6,0 million to the subsidiary JUMBO TRADING LTD to fulfill the terms of the property lease contract in Paphos.
Letter of Guarantee of € 7,10 million to the parent company for the proper performance of cooperation with the customer Franchise Kid-Zone in Albania , Kosovo, Bosnia and Montenegro.
Letter of Guarantee of € 2,65 million to the parent company for the proper performance of cooperation with the customer Franchise Veropoulos Dooel in North Macedonia and Serbia.
Letter of guarantee of € 2,6 million to the subsidiary JUMBO ROMANIA SRL for the good execution of a project in Sibiu
Letter of guarantee of € 1,4 million to the subsidiary JUMBO ROMANIA SRL for the good execution of a project in Popesti
Letter of guarantee in the amount of € 0,05 million to the subsidiary JUMBO ROMANIA SRL for the good execution of a project in Craiova.
Letter of guarantee in the amount of € 0,2 million to the subsidiary JUMBO ROMANIA SRL for the good execution of a project in Brasov.

4.27 Unaudited fiscal years by tax authorities

Unaudited fiscal years for the Group as at 30.06.2022 are analyzed as follows:

Company	Unaudited Fiscal Years
JUMBO TRADING LTD	From 01.01.2016 - 30.06.2017 to
	01.01.2021-31.12.2021
JUMBO EC.B LTD	From 01.01.2013-31.12.2013 to
	01.01.2021-31.12.2021
JUMBO EC.R S.R.L	From 01.08.2006-31.12.2006 to
	01.01.2021-31.12.2021
GEOCAM HOLDING LIMITED	from 13.03.2015 to 31.12.2021
GEOFORM LIMITED	from 13.03.2015 to 31.12.2021
INTROSERVE PROPERTIES LIMITED	19.12.2019-31.12.2021
INDENE PROPERTIES LIMITED	19.12.2019-31.12.2021
INGANE PROPERTIES LIMITED	19.12.2019-31.12.2021

For the fiscal years 30.06.2011 to 30.06.2015, for the fiscal years 30.06.2016– 30.06.2019, the sub twelve months financial year 01.07.2019-31.12.2019 as well as for the financial years 01.01.2020-31.12.2021, the Company has been subject to tax audit performed by the statutory auditors in accordance with the provisions of Article 82 par 5 of Law 2238/1994 and Article 65Α of Law 4174/2013. The aforementioned audits for the fiscal years from 30.06.2011 until 30.06.2019, for the sub twelve months financial year 01.07.2019-31.12.2019 as well as the financial year 01.01.2020-31.12.2020 have been completed and the tax certificates with unqualified conclusions have been issued, and the relevant reports have been submitted to the Ministry of Finance. From the companies audited by the statutory auditors and auditing firms for tax compliance purposes, certain subjects are selected for audit.

For the fiscal years 30.6.2011 to 30.6.2015, the time for a tax inspection performed by the Tax Authorities in accordance with the provisions of article 84 of Law 2238/1994 and article 36 of Law 4174 has lapsed and, therefore, the aforementioned fiscal years have become time - barred.

During the period, the Company's Statutory Tax Audit for the fiscal years 2017/2018 and 2018/2019, which was carried out by the Audit Authority for Large Enterprises (KE.ME.EP ) of the General Directorate of Tax Administration has been concluded, which resulted in additional tax of EUR 1,6mil, EUR 1,5mil of which have burden the results of the six months period.

With the completion of the Statutory Tax Audit by the KE.ME.EP for the years 2017/2018 and 2018/2019, the years for which a tax inspection can be carried out, within the time that the right of the Tax Authorities to issue determination acts, in accordance with the provisions of article 84 of Law 2238/1994 and article 36 of Law 4174, is the sub-twelve-month fiscal year 01.07.2019-31.12.2019 as well as the fiscal year 01.01.2020-31.12.2020.

For the fiscal year 01.01.2021-31.12.2021 the tax audit performed by the statutory auditors in compliance with the provisions of Article 65Α, Law 4174/2013, is in progress. The relevant tax certificate is expected to be issued after the publishing of the condensed interim financial statements for the period 01.01.2022- 30.06.2022 however, no significant tax liabilities are expected to arise other than those recorded and reflected in the financial statements.

The subsidiary company JUMBO TRADING LTD, operating in Cyprus, has been inspected by the tax authorities until 31.12.2015 in accordance with the Cypriot tax regime. JUMBO TRADING LTD prepares its financial statements in compliance with IFRS and consequently it charges its results with relevant provisions for uninspected tax years, whenever necessary.

The subsidiary companies JUMBO EC.B LTD and JUMBO EC.R S.R.L prepare their financial statements in compliance with IFRS, making provisions for additional tax differences, whenever necessary, burdening their results.

The companies «GEOCAM HOLDINGS LIMITED», «GEOFORM LIMITED» «INTROSERVE PROPERTIES LIMITED», «INDENE PROPERTIES LIMITED» and «INGANE PROPERTIES LIMITED» in Cyprus, as investment companies, burden their results with the relevant provisions for uninspected tax years, whenever necessary. The companies "INTROSERVE PROPERTIES LIMITED", "INDENE PROPERTIES LIMITED" and "INGANE PROPERTIES LIMITED" were acquired on 19.12.2019.

5. Transactions with related parties

The Group includes the following related companies apart from "JUMBO SA":

The subsidiary company «JUMBO TRADING LTD», based in Cyprus, in which the Parent company holds 100% of shares and voting rights. The subsidiary company JUMBO TRADING LTD participates at the rate of 100% in the share capital of GEOCAM HOLDINGS LIMITED, GEOFORM LIMITED, INTROSERVE PROPERTIES LIMITED, INDENE PROPERTIES LIMITED and INGANE PROPERTIES LIMITED.
The subsidiary company in Bulgaria «JUMBO EC.B. LTD» based in Sofia, Bulgaria, in which the Parent company holds 100% of shares and the voting rights.
The subsidiary company in Romania «JUMBO EC.R. SRL» based in Bucharest, Romania in which the Parent company holds the 100% of shares and voting rights.

The most important transactions and balances between the Company and its related parties (except physical persons) on 30.06.2022, as defined in IAS 24, are as follows:

Amounts in €	THE GROUP		THE COMPANY
Sales of merchandise	30/06/2022	30/06/2021	30/06/2022	30/06/2021
Subsidiaries	-	-	73.923.201	72.494.430
Total	-	-	73.923.201	72.494.430
Sales of services	30/06/2022	30/06/2021	30/06/2022	30/06/2021
Subsidiaries	-	-	-	9.744
Total	-	-	-	9.744
Sales of tangible assets and other
services	30/06/2022	30/06/2021	30/06/2022	30/06/2021
Subsidiaries	-	-	232.672	220.426
Total	-	-	232.672	220.426
		THE GROUP	THE COMPANY
Purchases of merchandise	30/06/2022	30/06/2021	30/06/2022	30/06/2021
Subsidiaries	-	-	680.240	574.601
Total	-	-	680.240	574.601
Purchases of tangible assets and other
services	30/06/2022	30/06/2021	30/06/2022	30/06/2021
Subsidiaries	-	-	385.356	15.437
Other Related parties	65.000	80.600	65.000	80.600
Total	65.000	80.600	450.356	96.037
	THE GROUP		THE COMPANY
Receivables	30/06/2022	31/12/2021	30/06/2022	31/12/2021
Subsidiaries	-	-	26.256.199	35.775.869
Total	-	-	26.256.199	35.775.869
Liabilities	30/06/2022	31/12/2021	30/06/2022	31/12/2021
Subsidiaries	-	-	859.893	22.689.260
Other Related parties	-	-	-	-
Total	-	-	859.893	22.689.260

The above amounts have been eliminated at Group level.

Sales and purchases of merchandise concern goods traded by the Parent Company, i.e. toys, baby items, stationery, home and seasonal goods. All the transactions described above have been carried out under the usual market terms. Also, the terms that govern the transactions with the above related parties are equivalent to those that prevail in arm's length transactions.

Apart from the above transactions with related parties which concern related companies, par. 6 below presents the transactions with other related parties (key management and Board members).

6. Fees to members of the Board of Directors

The transactions with key management and Board Members at the Group and Company level are presented below:

Transactions with Directors and Board Members Amounts in euro	THE GROUP 30/06/2022	THE COMPANY 30/06/2022
Wages and salaries	358.222	161.437
Social security cost Other fees and transactions with the members of	37.790 990.810	22.273 990.810
the Board of Directors (AGM Decision) Compensation due to termination of employment	3.625	3.625
Total	1.390.447	1.178.145
Pension Benefits:	30/06/2022	30/06/2022
Other Benefits scheme	110.545	110.545
Total	110.545	110.545
Transactions with Directors and Board Members	THE GROUP	THE COMPANY
Amounts in euro	30/06/2021	30/06/2021
Wages and salaries	309.255	123.612
Social security cost	33.768	18.911
Other fees and transactions with the members of the Board of Directors (AGM Decision)	714.274	714.274
Compensation due to termination of employment	2.699	2.699
Total	1.059.995	859.496
Pension Benefits:	30/06/2021	30/06/2021
Other Benefits scheme	100.264	100.264
Total	100.264	100.264

No loans have been granted to members of Board of Directors or other management members of the Group (and their families) and there are neither receivables from nor liabilities to members of Board of Directors or other management members of the Group and their families.

7. Lawsuits and litigations

There are no lawsuits or litigations whose negative outcome could have a material impact on the financial results of the Group.

The Group has made provision for significant legal or arbitration cases amounting to € 592.248, which concerns the Company (31.12.2021: € 592.248).

8. Number of employees

As at 30 June 2022, the Group employed 6.296 persons, of whom 5.522 as permanent staff and 774 as seasonal staff while the average number of employees for the closing period i.e. 01.01.2022 - 30.06.2022, was 5.902 persons (5.298 as permanent and 604 as seasonal staff). As at 30.06.2022 the Company employed a total of 3.761 persons, 3.053 of whom permanent personnel and 708 seasonal, the Cypriot subsidiary JUMBO TRADING LTD employed in total 558 persons (510 of whom permanent personnel and 48 seasonal), the subsidiary in Bulgaria employed 728 permanent personnel and the subsidiary in Romania employed 1.249 persons (1.231 of whom permanent personnel and 18 seasonal).

As at 30 June 2021, the Group employed 6.799 persons, of whom 5.982 as permanent staff and 817 as seasonal staff while the average number of employees for the closing period i.e. 01.01.2021-30.06.2021, was 6.342 persons (5.750 as permanent and 593 as seasonal staff). As at 30.06.2021 the Company employed a total of 4.074 persons, 3.459 of whom permanent personnel and 615 seasonal, the Cypriot subsidiary JUMBO TRADING LTD employed in total 587 persons (428 of whom permanent personnel and 159 seasonal), the subsidiary in Bulgaria employed 814 permanent personnel and the subsidiary in Romania employed 1. 324 persons (1.281 of whom permanent personnel and 43 seasonal).

9. Seasonal fluctuation

The demand for the Group's products is seasonal. Historically, it is higher in the period of September, Christmas and Easter.

Revenue from the sale of products for the Group for the first half of the current financial year reached 42,55% of the total sales of the previous financial year (01.01.2021- 31.12.2021).

The corresponding income of the comparative period 01.01.20121-30.06.2021 reached 37,72% of the total income of the financial year 01.01.2021- 31.12.2021.

10. Significant events during the period 01.01.2022-30.06.2022

The Board of Directors of the Company at its meeting of 10.05.2022, decided on the extraordinary cash distribution of 0,3850 EUR/share (gross), before withholding legal dividend tax, i.e. a total of EUR 52.383.007,22, which was part of the extraordinary reserves from taxed and non-distributed profits for the year from 01.01.2021-31.12.2021. The net extraordinary cash distribution, after withholding 5% tax, where required, amounted to 0,36575 EUR/ share and the payment to the beneficiaries started on 08.06.2022.

On April 2022, the share capital decrease of the subsidiary JUMBO ECB LTD was completed in accordance with the decision of the Board of Directors as of November 12, 2021 of the parent company "JUMBO SA". Now, the share capital of the subsidiary, after the completion of the above reduction, amounts to € 31,78 million.

purchase price will be one (EUR 1) euro per share and their maximum purchase price will be thirteen euros and fifty cents (EUR 13,50) per share, c. The program's period of implementation is twenty-four (24) months, i.e. from 05.05.2022 to 04.05.2024. Until the date of approval of the financial statements the Company had not acquired any equity shares of the Parent Company.

11. Post-reporting date events

JUMBO's Group sales in July 2022 recorded an increase of approximately +3% y-o-y, while in August 2022 the sales recorded an increase of approximately +13% y-o-y. Overall, the Group's sales during the eight months of the year, from 01.01.2022 to 31.08.2022 were increased by approximately 11% compared to the corresponding period last year.

In July 2022, the Company's Statutory Tax Audit for the fiscal years 2017/2018 and 2018/2019, which was carried out by KE.ME.EP. of the General Directorate of Tax Administration was concluded and resulted in additional tax of EUR 1,6mil, EUR 1,5mil of which have burdened the results of the six months period.

There are no other subsequent events to the financial statements that affect the Group or the Company, for which disclosure according to IFRS is required.

Moschato, 16th September 2022

The persons responsible for the Financial Statements

The President of the Board of	The Vice-President of	Chief Executive	The Head of the Accounting
Directors	the Board of Directors	Officer	Department

Apostolos -Evangelos Vakakis son of Georgios Identity card no AN521562/2018 Identity card no

Dimitrios Kerameus son of Konstantinos ΑΚ096010/2011

Konstantina Demiri daughter of Stavros Identity card no ΑΚ541502/29.5.2012 Panagiotis Xiros son of Kon/nos Identity card no Λ 370348/1977

AI Terminal

Jumbo S.A.

2675_ir_2022-09-19_c2ad58e5-1cc0-4405-8ca9-9be24434564a.pdf

JUMBO S.A. GROUP OF COMPANIES

CONTENTS

I. Statements of the members of the Board of Directors (according to Law 3556/2007)

ΙΙ. Independent Review Report

To the Board of Directors of JUMBO S.A.

Introduction

Scope of Review

Conclusion

Report on Other Legal and Regulatory Requirements

Six- month Board of Directors' Report

OF SOCIETE ANONYME "JUMBO ANONIMI EMPORIKI ETAIREIA" ON THE CONDENSED INTERIM CONSOLIDATED AND COMPANY'S FINANCIAL STATEMENTS FOR THE PERIOD FROM 01.01.2022 TO 30.06.2022

A. REVIEW OF THE CLOSING PERIOD FROM 01.01.2022 TO 30.06.2022

Net investments performed by the Company for the purchase of fixed assets for the closing period amounted to € 3,59 mil. and to € 14,16 mil. – by the Group.

Adding Value and Performance Valuation Factors

Alternative Financial Performance Measures

Note

Β. SIGNIFICANT EVENTS IN THE CLOSING PERIOD

C. RISK MANAGEMENT

Foreign Exchange Risk

Interest Rate Risk

Credit Risk

Liquidity Risk

Other Risks

Political and economic factors

Health-related factors

Impact on the financial results

Going- concern

Suppliers bankruptcy risk

Sales seasonality

Dependence on agents-importers

Intensity of competition between companies in the industry

Issues on the supply chain

Other external factors

D. INFORMATION ON THE COMPANY'S AND THE GROUP'S PROSPECTS

Ε. TRANSACTIONS WITH RELATED PARTIES

F. SIGNIFICANT POST REPORTING DATE EVENTS

Moschato, September 16th 2022

CONDENSED INTERIM FINANCIAL STATEMENTS For the period from 1 st January 2022 to 30th June 2022

IV. Condensed Interim Separate and Consolidated Financial Statements for the financial period 01.01.2022-30.06.2022

A. CONDENSED INTERIM INCOME STATEMENT OF H1

B. CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME OF H1

C. CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

D. CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY - CONSOLIDATED

For the period from 1st January 2021 to 30st June 2021

E. CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY OF THE PARENT - COMPANY

For the period from 1st January 2022 to 30th June 2022

For the period from 1st January 2021 to 30th June 2021

F. CONDENSED INTERIM STATEMENT OF CASH FLOWS

Note:

G. SELECTED EXPLANATORY NOTES TO THE INTERIM SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS AS AT 30 JUNE 2022

1. Information

2. Company's Activity

3. Framework for the Preparation of Financial Statements

3.1. Changes in Accounting Policies

3.1.1 New Standards, Interpretations, Revisions and Amendments to existing Standards that are effective and have been adopted by the European Union.

3.1.2 New Standards, Interpretations and amendments to existing Standards which have not been applied yet or have not been adopted by the European Union

IFRS 17 "Insurance Contracts" (effective for annual periods starting on or after 01/01/2023)

Amendments to IAS 1 "Presentation of Financial Statements" (effective for annual periods starting on or after 01/01/2023)

Amendments to IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates" (effective for annual periods starting on or after 01/01/2023)

Amendments to IAS 12 "Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction" (effective for annual periods starting on or after 01/01/2023)

Amendments to IAS 1 "Classification of Liabilities as Current or Non-current" (effective for annual periods starting on or after 01/01/2023)

Amendments to IFRS 17 "Insurance contracts: Initial Application of IFRS 17 and IFRS 9 – Comparative Information" (effective for annual periods starting on or after 01/01/2023)

3.2.The Group Structure and method of consolidation

Parent Company:

Subsidiary companies:

4. Notes to the Financial Statements

4.1 Segment Reporting

Sales per product type for the period 01/01/2021-30/06/2021

4.2 Distribution and Administrative Expenses

4.3 Other operating income and expenses

4.4 Income tax

4.5 Earnings per share

4.6 Property, plant and equipment and right of use assets

a. Depreciation

b. Acquisition of Tangible Assets

The analysis of the Group's and Company's fixed assets is as follows: (amounts in Euro)

The Group's fixed assets movements for the year were as follows: (amounts in Euro)